Answered: Assume the credit card balances of…

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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Assume the credit card balances of younger college educated employed persons are normally distributed with a mean of $ 6,358 and a standard deviation of $1,907 – assume these are population values.

What is the probability of a randomly selected credit card holder has a credit card balance less than $5500? Use the standard normal table for this or the Normal 2020.xlsx file, using the population mean and standard deviation. Use 4 significant decimal places for your answer, and use the proper rules of rounding. I am looking for just the answer, not the equation.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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