An article by Erin ElIssa titled 2015 American household credit card debt study (www.nerdwallet.com) indicated that for
Question:
An article by Erin ElIssa titled “2015 American household credit card debt study” (www.nerdwallet.com) indicated that for households that had credit card debt, the average debt in 2015 was $15,355. Assume that credit card debt per household has a normal distribution with a standard deviation of $3,000.
a. Determine the percentage of households that have a credit card debt of more than $15,000.
b. One household has a credit card debt that is at the 95th percentile. Determine its credit card debt.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Business Statistics A Decision Making Approach
ISBN: 9780134496498
10th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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