Homework Help is Here – Start Your Trial Now!
Math
Statistics
An individual's credit score is a number calculated based on that person's credit history that helps a lender determine how much he/she should be loaned or what credit limit should be established for a credit card. An article gave data which suggested that a beta distribution with parameters A = 250, B=900, a 7, ß-3 would provide a reasonable approximation to the distribution of American credit scores. (a) Let X represent a randomly selected American credit score. What are the mean value and standard deviation of this random variable? (Round your standard deviation to three decimal places.) mean standard deviation What is the probability that X is within standard deviation of its mean value? (Round your answer to three decimal places.) (b) What is the approximate probability that a randomly selected score will exceed 800 (which lenders consider a very good score)? (Round your answer to three decimal places.)

An individual's credit score is a number calculated based on that person's credit history that helps a lender determine how much he/she should be loaned or what credit limit should be established for a credit card. An article gave data which suggested that a beta distribution with parameters A = 250, B=900, a 7, ß-3 would provide a reasonable approximation to the distribution of American credit scores. (a) Let X represent a randomly selected American credit score. What are the mean value and standard deviation of this random variable? (Round your standard deviation to three decimal places.) mean standard deviation What is the probability that X is within standard deviation of its mean value? (Round your answer to three decimal places.) (b) What is the approximate probability that a randomly selected score will exceed 800 (which lenders consider a very good score)? (Round your answer to three decimal places.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 14PPS
See similar textbooks
icon
Related questions
Question
100%

thumbs up if correct!

An individual's credit score is a number calculated based on that person's credit history that helps a lender determine how much he/she should be loaned or what credit limit should be established for a credit card. An article gave data which suggested that a beta distribution with parameters A = 250, B = 900, a = 7, ß= 3 would provide a reasonable approximation to the distribution of American credit scores. (a) Let X represent a randomly selected American credit score. What are the mean value and standard deviation of this random variable? (Round your standard deviation to three decimal places.) mean standard deviation What is the probability that X is within 1 standard deviation of its mean value? (Round your answer to three decimal places.) (b) What is the approximate probability that a randomly selected score will exceed 800 (which lenders consider a very good score)? (Round your answer to three decimal places.)
Transcribed Image Text:An individual's credit score is a number calculated based on that person's credit history that helps a lender determine how much he/she should be loaned or what credit limit should be established for a credit card. An article gave data which suggested that a beta distribution with parameters A = 250, B = 900, a = 7, ß= 3 would provide a reasonable approximation to the distribution of American credit scores. (a) Let X represent a randomly selected American credit score. What are the mean value and standard deviation of this random variable? (Round your standard deviation to three decimal places.) mean standard deviation What is the probability that X is within 1 standard deviation of its mean value? (Round your answer to three decimal places.) (b) What is the approximate probability that a randomly selected score will exceed 800 (which lenders consider a very good score)? (Round your answer to three decimal places.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 15 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
SEE MORE TEXTBOOKS