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stealth61 [152]
3 years ago
10

Historically, 74% of credit card users carry a balance from month-to-month. A certain credit card company would like to study th

e spending patterns of its cardholders in more detail and to start the analysis, takes a random sample of 140 cardholders. What is the probability more than 72% of these cardholders are carrying a balance
Business
1 answer:
Hoochie [10]3 years ago
3 0

Answer:

The probability more than 72% of the cardholders are carrying a balance is 0.2946

Explanation:

Test statistic (z) = (p' - p) ÷ sqrt[p(1-p) ÷ n]

p' is the sample proportion = 0.72

p is the population proportion = 0.74

n is the number of cardholders sampled = 140

z = (0.72 - 0.74) ÷ sqrt[0.74(1-0.74) ÷ 140] = -0.02 ÷ 0.037 = -0.54

The cumulative area of the test statistic is the probability that less than 72% of the cardholders are carrying a balance. The probability is 0.7054.

Probability (more than 72% of the cardholders are carrying a balance) = 1 - 0.7054 = 0.2946

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Kyle is advised to take up the internship and leave the painting job, as the painting job will not give him tangible experience, which will be beneficial for his career.

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In the above case, Kyle's internship will pay him a stipend of $3,000 along with tangible experience, which is beneficial for his future.

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2 years ago
Everything else held constant, when a country's currency depreciates, the country's goods abroad become ________ expensive and f
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5 0
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Answer:

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