The bank of American issues Visa and MasterCard credit cards. It is known that the balances on all cards issued by BOA have a mean of $756 and a standard deviation of $210. Assume the balances on those cards are normally distributed. a) Find the probability that randomly selected credit card issues by BOA have a balance over $1000. b) Find the probability that the average of 20 selected credit cards issued by BOA has a balance over $1000. c) BOA is planning to send free gifts to the top 10% of card holders with high balance. What is the cut-off balance for free gift?

The bank of American issues Visa and MasterCard credit cards. It is known that the balances on all cards issued by BOA have a mean of $756 and a standard deviation of $210. Assume the balances on those cards are normally distributed. a) Find the probability that randomly selected credit card issues by BOA have a balance over $1000. b) Find the probability that the average of 20 selected credit cards issued by BOA has a balance over $1000. c) BOA is planning to send free gifts to the top 10% of card holders with high balance. What is the cut-off balance for free gift?

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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