Ecobank benin has recently examined the credit card account balances of its customers and found that 20% have an outstanding balance at the credit card limit. Suppose the manager of the credit card division randomly selects 15 customers. Assume that the properties of the binomial distribution apply. What is the probability of finding 4 customers with outstanding balance at the credit card limit? What is the probability that 3 or fewer customers in the sample will have balances at the limit of the credit card? What is the probability that exactly 10 of the customers in the sample will have balances below the credit card?
Ecobank benin has recently examined the credit card account balances of its customers and found that 20% have an outstanding balance at the credit card limit. Suppose the manager of the credit card division randomly selects 15 customers. Assume that the properties of the binomial distribution apply. What is the probability of finding 4 customers with outstanding balance at the credit card limit? What is the probability that 3 or fewer customers in the sample will have balances at the limit of the credit card? What is the probability that exactly 10 of the customers in the sample will have balances below the credit card?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Ecobank benin has recently examined the credit card account balances of its customers and found that 20% have an outstanding balance at the credit card limit. Suppose the manager of the credit card division randomly selects 15 customers. Assume that the properties of the binomial distribution apply.
- What is the
probability of finding 4 customers with outstanding balance at the credit card limit? - What is the probability that 3 or fewer customers in the sample will have balances at the limit of the credit card?
- What is the probability that exactly 10 of the customers in the sample will have balances below the credit card?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman