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U S consumers are increasingly viewing debit cards as a convenient

U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The average amount spent annually on a debit card is $7,790 (Kiplinger's , August 2007). Assume that the average amount spent on a debit card is normally distributed with a standard deviation of $500.

a. A consumer advocate comments that the majority of consumers spend over $8,000 on a debit card. Find a law in this statement.

b. Compute the 25th percentile of the amount spent on a debit card.

c. Compute the 75th percentile of the amount spent on a debit card.

d. What is the interquartile range of this distribution?

a. A consumer advocate comments that the majority of consumers spend over $8,000 on a debit card. Find a law in this statement.

b. Compute the 25th percentile of the amount spent on a debit card.

c. Compute the 75th percentile of the amount spent on a debit card.

d. What is the interquartile range of this distribution?

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