The grace period is the _____. maximum amount of money you can charge on the credit card time before the credit card company sta
2 answers:
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Answer:
a)From the central limit theorem we know that the distribution for the sample mean is given by:
And the standard error for the mean would be:
b) We want this probability:
And we can use the z score formula given by:
And replacing we got:
And we can find this probability with the complement rule and the normal standard deviation or excel and we got:
Step-by-step explanation:
Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The central limit theorem states that "if we have a population with mean μ and standard deviation σ and take sufficiently large random samples from the population with replacement, then the distribution of the sample means will be approximately normally distributed. This will hold true regardless of whether the source population is normal or skewed, provided the sample size is sufficiently large".
Solution to the problem
Part a
From the central limit theorem we know that the distribution for the sample mean is given by:
And the standard error for the mean would be:
Part b
We want this probability:
And we can use the z score formula given by:
And replacing we got:
And we can find this probability with the complement rule and the normal standard deviation or excel and we got: