Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is normally distributed with a mean of 29 dollars and a standard deviation of 6 dollars.Please use z-scores with at least 3 decimal places. A. What proportion of the bank's Visa cardholders pay more than 32 dollars in interest? Proportion = B. What proportion of the bank's Visa cardholders pay more than 41 dollars in interest? Proportion = C. What proportion of the bank's Visa cardholders pay less than 19 dollars in interest? Proportion = D. What interest payment is exceeded by only 20% of the bank's Visa cardholders? Interest Payment =
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Because of the relatively high interest rates, most consumers attempt to pay off their credit card bills promptly. However, this is not always possible. An analysis of the amount of interest paid monthly by a bank's Visa cardholders reveals that the amount is
A. What proportion of the bank's Visa cardholders pay more than 32 dollars in interest?
Proportion =
B. What proportion of the bank's Visa cardholders pay more than 41 dollars in interest?
Proportion =
C. What proportion of the bank's Visa cardholders pay less than 19 dollars in interest?
Proportion =
D. What interest payment is exceeded by only 20% of the bank's Visa cardholders?
Interest Payment =
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