Question: According to credit reporting agency Experian the population of consumer

According to credit reporting agency Experian, the population of consumer credit card holders carries an average credit card balance of $5500, with a standard deviation of $750. You plan to draw a random sample of 625 credit card holders from this population.
a. What is the probability that the average credit card balance for the sample will be somewhere between $5450 and $5550?
b. How likely is it that the average balance in the sample will be within ± 1 standard deviation (that is, ±1σx-bar) of the population average within ± 2 standard deviations?
c. It is 95% likely that the sample average will be within ± $____ of the population average.

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  • CreatedJuly 16, 2015
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