Note: Answer Questions 1-4 by Using your TI-30XA (or other approved) Calculator.
ID: 3353302 • Letter: N
Question
Note: Answer Questions 1-4 by Using your TI-30XA (or other approved) Calculator. IMPORTANT: Make sure you carry all decimals untll you reach your answer, then round to four decimals 10 12 13 15 16 a credit card customers (Sample #1 and one with 108 Visa credit card customers (Sample "2 bill of $1,924. Sample a2, on the other hand, had an average monthly credit card bill of S1,867 with a variance of 1,351,755 (S)"2. If you combined these Every credit card customer in Sample #1 had a monthly credit card 18 19 samples into one... 20 21 23Explanation / Answer
We are given two sample :
Each customer in sample 1 had monthly credit card bill of $1924
So average monthly credit card bill for the sample 1 is $1924 and variance is 0 ( if data set has constant values (same values ), then its variance is 0)
So let us assume sample 1 follows approximately normal distribution ( since n >=30) with mean 1924 and variance 0
There are 108 credit card customers in sample 2 , it has average monthly credit card bill is 1867 and variance 1351755 ($)^2
So let us assume sample 2 follows approximately normal distributioin with mean 1867 and variance 1351755
Now if we combine the both samples , then according to additive propery of normal distribution
the mean of the combine sample would be ( 1924 + 1867 ) and variance would be ( 0+1351755)
Therefore new combine sample follows approximately normal distribution and it has mean 3791 and variance 1351755
Part a) For normal distribution mean = median =mode
Therefore combined credit card bill median would be $3791
Part B) Standard deviation = square root of variance = square root (1351755)
Combine sample follows approximately normal distribution ( bell shaped ) with mean $3791 and standard deviation $1162.65
Thank you!
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