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5.11. It is known that 30% of all customers of a major credit card pay their...
All work must be shown. If you use a calculator shortcut, please show what you used....
All work must be shown. If you use a calculator shortcut, please show what you used. 1. Exercise 4.16 on page 73. A beverage company makes weekly deliveries from its warehouse to a supermarket. The delivery time varies based on interstate traffic and scheduling factors, but is normally distributed with a mean of 17 hours and a standard deviation of 3 hours. What is the probability it will take between 12 and 15 hours to make this weeks delivery? 2....
Customers at a gas station pay with a credit card (A), debit card (8), or cash...
Customers at a gas station pay with a credit card (A), debit card (8), or cash (C). Assume that successive customers make independent choices with P(A) = 0.4, P(B) 0.2, and P(C) = 0.4. (a) Among the next 100 customers, what are the mean and variance of the number who pay with a debit card? customers customers Explain your reasoning. O Because we are interested in whether or not a debit card was used, we can use the binomial distribution....
Of all the customers at a gas station, 40% pay by credit card, and the rest...
Of all the customers at a gas station, 40% pay by credit card, and the rest use cash. (a) Find the probability that out of 5 random customers, at most 1 uses credit card. 0.375 5 x 0.4 x 0.64 0.69 + 5 x 0.4 x 0.64 0.05184 (b) Knowing that at most 1 out of the 5 customers paid using credit card, what is the conditional probability that all 5 customers used cash payment? Answer: Suppose that the customers...
Just question E In the Ardmore Hotel, 20% of the customers pay by American Express credit...
Just question E In the Ardmore Hotel, 20% of the customers pay by American Express credit card. Of the next 10 customers, what is the probability that: a) None pay by American Express. b) At least two pay with American Express. c) Fewer than three pay with American Express. d) What is the expected number who pay by American Express? e) Using your understanding of the characteristics of a binomial experiment, explain why this is an example of a binomial...
TII t slllaid devilatión of this probability function? 6, 25% of the customers at XYZ Stores use a debit card to pay for their purchases. In a recent market research study, 18 of the Sto...
TII t slllaid devilatión of this probability function? 6, 25% of the customers at XYZ Stores use a debit card to pay for their purchases. In a recent market research study, 18 of the Store's over 20,000 customers on record was randomly selected for two focus groups on new payment technologies. (5 points) a Is the selection of 18 customers a binomial experiment? Please explaun b. What is the probability that 5 of the 18 customers selected use a debit...
2 (10 points). A credit card company divides its customers into two categories: low risk and high...
2 (10 points). A credit card company divides its customers into two categories: low risk and high risk, based on a certain credit score. According to company's satistics, 10% of customers are high risk and the rest are low risk. The chances that a low risk customer will miss a payment or not pay his/her full balance on time at least once in any given year are 5%, while these chances increase to 30% for high risk customiers. If a...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the APR for this credit card? (b) What is the APY? Assume 360 days in a year (twelve 30-day months). 2. A local credit union is advertising a car loan with an APR of 6.75%. If interest is compounded monthly, (a) what is the interest rate per compounding period, and (b) what is the effective annual interest rate (i.e., the APY)? 3. Your local credit...
show all wokring 4. You have a credit card account that charges interest at the rate...
show all wokring
4. You have a credit card account that charges interest at the rate of 1.45% per month a. What is APR? EAR? b. In this month's statement, you found out that your credit card company changed its policy. It now charges interest at the rate of 0.0475% per day and claims that it provides better rate than before, since its new APR is lower than previous APR. Do you agree? Are you better or worse off? Show...
Situation #2: Credit Card Bills Show all work, even the work you put into the calculator....
Situation #2: Credit Card Bills Show all work, even the work you put into the calculator. The majority of points given will be for your work, not for the answer Assume you open a credit card at the beginning of the year: January 15, with an opening balance of $0.00. The annual interest rate on the card is 18%, and your bill is due each month. Starting in January the following charges and credits occur on your account: Date Credit...
1.All but which of the following is true of credit reporting protections provided to consumers under...
1.All but which of the following is true of credit reporting protections provided to consumers under the federal Fair Credit Reporting Act (FCRA)? You can sue for damages if your rights under the act have been violated. Lenders are required to provide a consumer’s credit score as well as any factors that affected that score if the lender took any adverse action based on that score. You must provide written consent before a CRA can provide information to your employer...
Customers at a gas station pay with a credit card (A), debit card (8), or cash (C). Assume that successive customers make independent choices with P(A) = 0.4, P(B) 0.2, and P(C) = 0.4. (a) Among the next 100 customers, what are the mean and variance of the number who pay with a debit card? customers customers Explain your reasoning. O Because we are interested in whether or not a debit card was used, we can use the binomial distribution....
Of all the customers at a gas station, 40% pay by credit card, and the rest use cash. (a) Find the probability that out of 5 random customers, at most 1 uses credit card. 0.375 5 x 0.4 x 0.64 0.69 + 5 x 0.4 x 0.64 0.05184 (b) Knowing that at most 1 out of the 5 customers paid using credit card, what is the conditional probability that all 5 customers used cash payment? Answer: Suppose that the customers...
TII t slllaid devilatión of this probability function? 6, 25% of the customers at XYZ Stores use a debit card to pay for their purchases. In a recent market research study, 18 of the Store's over 20,000 customers on record was randomly selected for two focus groups on new payment technologies. (5 points) a Is the selection of 18 customers a binomial experiment? Please explaun b. What is the probability that 5 of the 18 customers selected use a debit...
2 (10 points). A credit card company divides its customers into two categories: low risk and high risk, based on a certain credit score. According to company's satistics, 10% of customers are high risk and the rest are low risk. The chances that a low risk customer will miss a payment or not pay his/her full balance on time at least once in any given year are 5%, while these chances increase to 30% for high risk customiers. If a...
show all wokring
4. You have a credit card account that charges interest at the rate of 1.45% per month a. What is APR? EAR? b. In this month's statement, you found out that your credit card company changed its policy. It now charges interest at the rate of 0.0475% per day and claims that it provides better rate than before, since its new APR is lower than previous APR. Do you agree? Are you better or worse off? Show...
Situation #2: Credit Card Bills Show all work, even the work you put into the calculator. The majority of points given will be for your work, not for the answer Assume you open a credit card at the beginning of the year: January 15, with an opening balance of $0.00. The annual interest rate on the card is 18%, and your bill is due each month. Starting in January the following charges and credits occur on your account: Date Credit...
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