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mba 522 Using the Binomial Table

# mba 522 Using the Binomial Table - Using the Binomial Table...

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Using the Binomial Table Nine percent of undergraduate students carry credit card balances greater than \$7,000. Suppose 10 students are selected randomly to be interviewed about credit card usage. a. Is the selection of 10 students a binomial experiment? Explain. b. What is the probability that two of the students will have a credit card balance greater than \$7,000? c. What is the probability that none will have a credit card balance greater than \$7,000? d. What is the probability that at least three will have a credit card balance greater than \$7,000? e. What is the mean number of students with a card balance greater than \$7,000? f. What is the standard deviation of students with a card balance greater than \$7,000? ________________________________________________________________ In this problem: n=10 because 10 students are selected randomly (they are the number of trials). success event is defined to be: "have credit card balance of more than 7000". p = 0.09. This is probability of success event; that is to say, probability that card balance

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mba 522 Using the Binomial Table - Using the Binomial Table...

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