Question: Historical records indicate that X is a normally distributed random variable with a mean of $1400 and a standard deviation of $120. The analyst decides

Historical records indicate that X is a normally distributed random variable with a mean of $1400 and a standard deviation of $120.

The analyst decides to engage in repeated sampling by conducting surveys in each of the 50 US states.Each sample will consist of 100 PayPal customers.

(a)What is the probability that the average amount by which Massachusetts PayPal customers have exceeded their credit limit for a given month is less than $1360?

P( $1360) =

(b)What is the probability that the average amount by which Massachusetts PayPal customers exceed their credit limit for a given month is between $1380 and $1420? (7 points)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

#1:(14 points) "PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying...

Historical records indicate that X is a normally distributed random variable with a mean of $1400 and a standard deviation of $120. The analyst decides to engage in repeated sampling by conducting...

I. Direction: Answer the following. Show your complete solution. A.Two students take an equivalent achievement test. Find their z-scores and identify which has the highest relative score (meaning the...

MATH 106 Week 8 LEO Discussion Topic Exercises Version: 2015-1 Linear Programming 1. Graphically solve the following: Maximize , subject to: f 6x y 2. x y 8 3x y 0 y 0 Solve the given linear...

Statistics and Probability Problem Set 5 Chapter 2 - Lesson 6: Application of Normal Distribution Instructions: With your Partner, solve the following problems and show your complete solution. Draw...

STAB22H3 Statistics I 2020 1.A researcher used a linear regression model to investigate the relationship between sexually transmitted disease rate (y) and poverty rate (x) in the U.S.A. The...

MS1023 Business Statistics with Computer Applications MS1023 Business Statistics w/Comp Apps I Homework #3 - Use Red Par Score Form Chp. 7: Questions 1-50 1. Kristen Ashford purchased the subscribers...

CHAPTER 9 Hypothesis Tests CONTENTS 9.4 POPULATION MEAN: UNKNOWN One-Tailed Test Two-Tailed Test Summary and Practical Advice 9.5 POPULATION PROPORTION Summary 9.6 HYPOTHESIS TESTING AND DECISION...

Anais is organizing her rock collection and places each rock in one of three categories: small, medium, or large. This illustrates what level of measurement? Select one: a. nominal b. ordinal Correct...

Final Exam MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Solve the problem. 1) The average age of the students in a statistics class is 22...

If x1 2, show that (xn) is convergent. What is its limit?

The instruction manual for a hot-wire anemometer states that roughly speaking, the current varies as the one-fourth power of the average velocity at a fixed wire resistance. Check this statement,...

rephrase Managerial accounting reports do not need to comply with generally accepted accounting principles (GAAP). They are intended for internal use and can be tailored to meet management's needs

An S-Corporation has ownership of a piece of land with an adjusted basis of $10,000 and a FMV of $100,000. It distributes this land to a shareholder, what basis would the shareholder have in this...