According to a Sallie Mae survey and credit bureau data, in 2008, college students carried anaverage of $3173 debt on their credit cards (USA TODAY, April 13, 2009). Suppose that cur-rent credit card debts for all college students have a normal distribution with a mean of $3173and a standard deviation of $800. Find the probability that credit card debt for a randomly se-lected college student is between $2109 and $3605.

Answered: Image /qna-images/answer/6c5c78f5-2f04-4468-83bd-8d87081a7f71.jpg

Answered: According to a Sallie Mae survey and…

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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According to Internal Revenue Service, the average income tax refund for the 2011 tax year was $2,950. Assume the refund per person follows the normal probability distribution with a standard deviation of $950. a. What is the probability that a randomly selected tax return refund from the 2011 tax year will be 1. More than $2,000? 2. between $1,000 and $2,500? 3. between $3,200 and $4,000? b. What refund amount represents the 40th percentile of tax returns?
The census bureau reported that the mean household income in Hayward in 2019 was $86,744 with a standard deviation of $18,700. A simple random sample of 150 households from Hayward had a mean income of $89,396 with a standard deviation of $23,156. Find the probability that a sample of this size will indicate a mean of $89,396 or more?
A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they paid their balance in full each month. There were 500 who paid in full each month. For this sample of 500 students, the sample mean credit card balance was reported to be $825. The sample standard deviation of the credit card balances for these 500 students was not reported, but for purposes of this exercise, suppose that it was $195. Is there convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907, the value reported for all college students with credit cards? Carry out a hypothesis test using a significance level of 0.01. In USE SALT State the appropriate null and alternative hypotheses. Но: и 907 Но: и 3D 907 На: и # 907 a' O Ho: µ = 907 H: H 907 Н: и…
A report about how American college students manage their finances includes data from a survey of college students. Each person in a representative sample of 793 college students was asked if they had one or more credit cards and if so, whether they paid their balance in full each month. There were 500 who paid in full each month. For this sample of 500 students, the sample mean credit card balance was reported to be $825. The sample standard deviation of the credit card balances for these 500 students was not reported, but for purposes of this exercise, suppose that it was $195. Is there convincing evidence that college students who pay their credit card balance in full each month have a mean balance that is lower than $907, the value reported for all college students with credit cards? Carry out a hypothesis test using a significance level of 0.01. Find the test statistic and P-value.
The average chef at a restaurant earns $17 an hour with a deviation of $1.75. What are the chances that someone is earning more than $20 an hour?
If 500 students take the same exam, and the results form a normal distribution, what is the probability that a randomly chosen student is within one standard deviation above the mean? (Round your answer to the nearest percent.)
The probabilities that a person is receiving a chat message 0, 1, 2, 3, 4, or 5 per day are the following: 0.08, 0.19, 0.36, 0.25, 0.07, and 0.05. Find the mean, variance, and standard deviation and interpret the results.
According to the Centers of Disease Control and Prevention (CDC), the aging of the U.S. population is translating into many more visits to doctors’ offices and hospitals. It is estimated that an average person makes four visits a year to doctors’ offices and hospitals. a. What are the mean and the standard deviation of an average person’s number of monthly visits to doctors’ offices and hospitals? (Round your answers to 4 decimal places.) b. What is the probability that an average person does not make any monthly visits to doctors’ offices and hospitals? (Do not round intermediate calculations. Round your final answer to 4 decimal places.) c. What is the probability that an average person makes at least one monthly visit to doctors’ offices and hospitals? (Do not round intermediate calculations. Round your final answer to 4 decimal places.)
Based on research conducted by the government on people aged 25 to 34 years, on average, people in that age group spend $1,994 of their annual income on entertainment. Assume that the data are normally distributed with a standard deviation of $450. What percentage of the population in this age group spends less than $1,000 per year for entertainment?
Suppose that the distance of fly balls hit to the outfield (in baseball) is normally distributed with a mean of 256 feet and a standard deviation of 53 feet. Use your graphing calculator to answer the following questions. Write your answers in percent form. Round your answers to the nearest tenth of a percent. a) If one fly ball is randomly chosen from this distribution, what is the probability that this ball traveled fewer than 192 feet? P(fewer than 192 feet) = % b) If one fly ball is randomly chosen from this distribution, what is the probability that this ball traveled more than 204 feet? P(more than 204 feet) = %
the average sales price of a single-family house in the U.S. is $235,500. you randomly select 12 single family houses. what is the probability that the mean sales price is more than $225,000? assume that the prices are normally distrubuted with a standard deviation of $50,000.
The Powerball lottery jackpot has a winning probability of 1/189,000,000. If you only consider the options of winning the jackpot ($100,000,000) or losing, what the is the mean value of a ticket that costs $2 to buy? At what point does the mean value of a ticket become positive?

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