order to study the length of time after billing for customers to settle the payments a manager of a virtual bank took a random sample of 100 credit card invoices A frequency table tor the data on payment time. i.e.. the number of days between the invoice date and the payment receipt date, was constructed as below: Payment in time (in days) Number of invoices 0-9 7 10-19 20
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In order to study the length of time after billing for customers to settle the payments a manager of a virtual bank took a random sample of 100 credit card invoices A frequency table tor the data on payment time. i.e.. the number of days between the invoice date and the payment receipt date, was constructed as below:
| Payment in time (in days) | Number of invoices |
| 0-9 | 7 |
| 10-19 | 20 |
| 20-29 | 48 |
| 30-39 | 19 |
| 40-59 | 6 |
In order to encourage early payment, the following scheme is introduced:
- For payments made before the mean payment time. the company refunds the customers for each invoice $50 a day for the number of days before the mean payment time.
- For payments made after the mean payment time, the company charges the customers for each invoice $100 a day for the number of days after the mean payment time
How much on average will the bank receive/spend per invoice on the above 100 invoices under this scheme?
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