Pay your bills: In a large sample of customer accounts, a utility company determined that the average number of days between when a bill was sent out and when the payment was made is 25 with a standard deviation of 4 days. Assume the data to be approximately bell-shaped. Part 1 of 3 (a) Between what two values will approximately 68% of the numbers of days be? Approximately 68% of the customer accounts have payment made between 21 and 29 days. Part: 1/3 Part 2 of 3 (b) Estimate the percentage of customer accounts for which the number of days is between 17 and 33. (Choose one) v of the customer accounts have payment made between 17 and 33 days.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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