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Please answer part b and c: Thank you

Please answer part b and c: Thank you

MATLAB: An Introduction with Applications
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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Please answer part b and c: Thank you

An education finance corporation claims that the average credit card debts carried by undergraduates are normally distributed with a mean of $3,173 and a standard deviation $1,120. a) What is the probability that a randomly selected undergraduate, who is a credit card holder, has a credit card balance less than $2,700? b) You randomly select 25 undergraduates who are credit card holders. What is the probability that their mean credit card balance is less than $2,700? c) Compare the probabilities from (a) and (b) and interpret your answer in terms of the corporation's claim.
Transcribed Image Text:An education finance corporation claims that the average credit card debts carried by undergraduates are normally distributed with a mean of $3,173 and a standard deviation $1,120. a) What is the probability that a randomly selected undergraduate, who is a credit card holder, has a credit card balance less than $2,700? b) You randomly select 25 undergraduates who are credit card holders. What is the probability that their mean credit card balance is less than $2,700? c) Compare the probabilities from (a) and (b) and interpret your answer in terms of the corporation's claim.
Expert Solution
Step 1

Given

The data is as follows:

Pop. mean, μ=$3,173

Pop. sd, σ=$1,120

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