Explore BrainMass
Share

Probability - Normal Distributions

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

A credit union claims that the credit card debts carried by its clients are normally distributed with a mean of $3050 and a standard deviation of $950.

a) What is the probability that a randomly selected client has a balance of less than $2900 on his credit card?

b) The credit union wants to advertise some financial products to clients with low balances. For that purpose they want to identify the largest amount of debt held by the 10% of clients with lowest debts. Determine the value of this debt.

c) You randomly select 25 holders of the union's credit card. What is the probability that their mean credit card balance is between $2500 and $2900?

© BrainMass Inc. brainmass.com March 22, 2019, 12:15 am ad1c9bdddf
https://brainmass.com/statistics/probability/probability-normal-distributions-494716

Solution Preview

A credit union claims that the credit card debts carried by its clients are ...

Solution Summary

Normal distributions of probability of randomly selected variables are examined.

$2.19