2) Previous studies have shown that in the past, the average credit card debt for college seniors is $3262 with a standard deviation of $1100. The data is shown to be generally symmetrical and bell-shaped. a) What kind of distribution would we use to model the debt of an individual college senior? Also list the parameters and their value. b) What is the probability that a randomly selected senior owes at least $1000? c) What is the probability that a randomly selected senior owes more than $4000? d) What is the probability that a randomly selected senior owes between $3000 and $4000? e) (bonus CLT problem) What is the probability that all the seniors in a class of 15 students will have an average debt of less than $3000.
2) Previous studies have shown that in the past, the average credit card debt for college seniors is $3262 with a standard deviation of $1100. The data is shown to be generally symmetrical and bell-shaped. a) What kind of distribution would we use to model the debt of an individual college senior? Also list the parameters and their value. b) What is the probability that a randomly selected senior owes at least $1000? c) What is the probability that a randomly selected senior owes more than $4000? d) What is the probability that a randomly selected senior owes between $3000 and $4000? e) (bonus CLT problem) What is the probability that all the seniors in a class of 15 students will have an average debt of less than $3000.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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2) Previous studies have shown that in the past, the average credit card debt for college seniors is $3262 with a standard deviation of $1100. The data is shown to be generally symmetrical and bell-shaped.
a) What kind of distribution would we use to model the debt of an individual college senior? Also list the parameters and their value.
b) What is the probability that a randomly selected senior owes at least $1000?
c) What is the probability that a randomly selected senior owes more than $4000?
d) What is the probability that a randomly selected senior owes between $3000 and $4000?
e) (bonus CLT problem) What is the probability that all the seniors in a class of 15 students will have an average debt of less than $3000.
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