Based on past data, 70% of credit card purchases at a department store are for amounts exceeding $100. Let ????? be a random variable for the proportion of credit card purchases exceeding $100 in a random sample of 100 customers who purchased using credit.(a) What is the approximate sampling distribution (including the mean and the standard deviation) for the sample proportion, ?????? Be sure to justify your answer.(b) What is the probability that less than 65% of the customers in the sample will make their purchases with a credit card?(c) With 95% probability, within what symmetric limits of the population proportion will the sample proportion be expected to fall?
Based on past data, 70% of credit card purchases at a department store are for amounts exceeding $100. Let ????? be a random variable for the proportion of credit card purchases exceeding $100 in a random sample of 100 customers who purchased using credit.(a) What is the approximate sampling distribution (including the mean and the standard deviation) for the sample proportion, ?????? Be sure to justify your answer.(b) What is the probability that less than 65% of the customers in the sample will make their purchases with a credit card?(c) With 95% probability, within what symmetric limits of the population proportion will the sample proportion be expected to fall?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Based on past data, 70% of credit card purchases at a department store are for amounts exceeding $100. Let ????? be a random variable for the proportion of credit card purchases exceeding $100 in a random sample of 100 customers who purchased using credit.(a) What is the approximate sampling distribution (including the mean and the standard deviation) for the sample proportion, ?????? Be sure to justify your answer.(b) What is the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 23 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman