Business, 06.05.2020 02:13 springtrap77391

Credit card debt. The average credit card debt for college seniors in $3262. If the debt is normally distributed with a standard deviation of $1100, find these probabilities (6 points). Please show your steps. a. That the senior owes at least $1000 b. That the senior owes more than $4000 c. That the senior owes between $3000 and $4000

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Answer from: Ksedro1998

0.98 approximately0.25 approximately0.34 approximately

Explanation:

standard deviation by which debt is distributed = $1100

average credit card debt for college seniors = $3262

A) probability that senior owes at least $1000

P (x ≥ 1000 ) = P ( Z ≥ $\frac{1000- \alpha }{\beta }$ )

where $\alpha = average credit card debt$ = $3262

$\beta = standard deviation$ = $1100

Z = random variable representing credit card debt for college seniors

back to equation P ( Z ≥ $\frac{1000- 3262}{1100}$ )

therefore P ( z ≥ -2.06 )

1 - p ( z ≤ -2.06 )

therefore probability of the senior owing $1000 = 1 - 0.0199 = 0.9801

B) probability that senior owes more than $4000

p ( x ≥ 4000) = P ( Z ≥ $\frac{4000 - \alpha }{\beta }$ )

= P ( Z ≥ $\frac{4000 - 3262}{1100}$ )

= 1 - p ( Z ≤ 0.67 ) therefore probability that senior owes more than $4000 = 1 - 0.7468 = 0.2514

C ) Probability that the senior owes between $300 and $4000

P ( 3000 ≤ x ≤ 4000) = P ( $\frac{3000 - \alpha }{\beta }$ ≤ Z ≤ $\frac{4000 - \alpha }{\beta }$ )

= P ( $\frac{3000 - 3262}{1100}$ ≤ z ≤ $\frac{4000 - 3262}{1100}$ )

= P ( - 0.24 ≤ z ≤ 0.67 )

= p ( z ≤ 0.67 ) - p ( z ≤ - 0.24 )

= 1 - p ( z ≥ 0.67 ) - 1 - p ( z ≥ -0.24 )

= 0.7846 - 0.4052 = 0.3434

Answer from: Quest

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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Credit card debt. The average credit card debt for college seniors in $3262. If the debt is normally...

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