1. From past experience, a manager of an upscale shoe store knows that 67% of their customers will use a credit card when making purchases.Suppose 17 customers are in line to make purchases.Let random variable X be the number of customers who use a credit card among 17 customers.X has a binomial distribution.Open an empty Excel file on your computer to show your use of Excel Functions.Based on the given information above, answer the following questions: (Round to 5 decimal places). Probability that smaller than 9 customers use a credit card. That is, P( X < 9) ________Probability that at most 9 customers use a credit card. That is, P( X ≤ 9) ________Probability that 9 customers use a credit card. That is, P( X = 9) __________Probability that at least 9 customers use a credit card. That is, P( X ≥ 9)_________Probability that higher than 9 customers use a credit card. That is, P( X > 9) _____2.The average credit card debt for college seniors is $3290.The debt has a normal distribution with a standard deviation of $1125.Open an empty Excel file on your computer to show your use of Excel Functions.Based on the given information above, answer the following questions: (Round to 5 decimal places).What is the probability that a college senior owes less than $4625? ________What is the probability that a college senior owes more than 4625? ________What is the probability that a college senior owes more than 4625? ________What is the 70th percentile for credit card debt for college seniors? In other words, find the value for the credit card debt for college seniors that separates the smallest 70% of values for college debt. ___________

Answered: From past experience, a manager of an…

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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1. From past experience, a manager of an upscale shoe store knows that 67% of their customers will use a credit card when making purchases.

Suppose 17 customers are in line to make purchases.

Let random variable X be the number of customers who use a credit card among 17 customers.

X has a binomial distribution.

Open an empty Excel file on your computer to show your use of Excel Functions.

Based on the given information above, answer the following questions: (Round to 5 decimal places).

Probability that smaller than 9 customers use a credit card. That is, P( X < 9) ________
Probability that at most 9 customers use a credit card. That is, P( X ≤ 9) ________
Probability that 9 customers use a credit card. That is, P( X = 9) __________
Probability that at least 9 customers use a credit card. That is, P( X ≥ 9)_________
Probability that higher than 9 customers use a credit card. That is, P( X > 9) _____

2.The average credit card debt for college seniors is $3290.

The debt has a normal distribution with a standard deviation of $1125.

Open an empty Excel file on your computer to show your use of Excel Functions.

Based on the given information above, answer the following questions: (Round to 5 decimal places).

What is the probability that a college senior owes less than $4625? ________

What is the probability that a college senior owes more than 4625? ________

What is the probability that a college senior owes more than 4625? ________

What is the 70th percentile for credit card debt for college seniors? In other words, find the value for the credit card debt for college seniors that separates the smallest 70% of values for college debt. ___________

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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