4. According to Sallie Mae surveys and Credit Bureau data, college students carried an average of $3100 credit card debt in 2008. Suppose the probability distribution of the current credit card debts for all college students in the United States is known but its mean is $3100 and the standard deviation is $650. Let ī be the mean credit card debt of a random sample of 300 U.S. college students. (a) What is the probability that the mean of the current credit card debts for this sample is within $75 of the population mean? (b) What is the probability that the mean of the current credit card debts for this sample is lower than the population mean by $60 or more?
4. According to Sallie Mae surveys and Credit Bureau data, college students carried an average of $3100 credit card debt in 2008. Suppose the probability distribution of the current credit card debts for all college students in the United States is known but its mean is $3100 and the standard deviation is $650. Let ī be the mean credit card debt of a random sample of 300 U.S. college students. (a) What is the probability that the mean of the current credit card debts for this sample is within $75 of the population mean? (b) What is the probability that the mean of the current credit card debts for this sample is lower than the population mean by $60 or more?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Question 4

Transcribed Image Text:4. According to Sallie Mae surveys and Credit Bureau data, college students carried an average of
$3100 credit card debt in 2008. Suppose the probability distribution of the current credit card
debts for all college students in the United States is known but its mean is $3100 and the standard
deviation is $650. Let ī be the mean credit card debt of a random sample of 300 U.S. college
students.
(a) What is the probability that the mean of the current credit card debts for this sample is
within $75 of the population mean?
(b) What is the probability that the mean of the current credit card debts for this sample is
lower than the population mean by $60 or more?
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