The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated
ID: 2932984 • Letter: T
Question
The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated that the balances on all Visa credit cards issued by the Bank of Connecticut have a mean of $845 and a standard deviation of $270. Assume that the balances on all these Visa cards follow a normal distribution. a. What is the probability that a randomly selected Visa card issued by this bank has a balance between $1000 and $1440? Round your answer to three decimal places. P=Entry field with correct answer .270 b. What percentage of the Visa cards issued by this bank have a balance of $740 or more? Round your answer to two decimal places. P=Entry field with incorrect answer %
Explanation / Answer
a) Mean = 845
SD = 270
z1 = (1000 - 845)/270 = 0.574
z1 = (1440 - 845)/270 = 2.2
P = 0.270
b) P( X < 740)
z = (740 - 845)/270
z = - 0.39
P = 0.65
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