How to calculate the probability that the mean credit card debt for the sample of accounts is more than R1019 ? A large bank in South Africa knows that the average credit card debt owed by their card holders is R1073 with a standard deviation of R 250. In an investigation into the extent of credit card debt at thebank, the bank collects random sample of 43 credit card accounts.

Let X be the random variable for the average credit card debt. Given information: Mean,…

Answered: A large bank in South Africa knows that…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter13: Probability And Calculus

Section13.2: Expected Value And Variance Of Continuous Random Variables

Problem 10E

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How to calculate the probability that the mean credit card debt for the sample of accounts is more than R1019 ?

A large bank in South Africa knows that the average credit card debt owed by their card holders is R
1073 with a standard deviation of R 250. In an investigation into the extent of credit card debt at the
bank, the bank collects random sample of 43 credit card accounts.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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