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Belk Department Store is having a special sale this weekend. Customers charging purchases of more than $50 to their Belk credit card will be given a...

This question was answered on Jul 20, 2016. View the Answer

Belk Department Store is having a special sale this weekend. Customers charging purchases of more than $50 to their Belk credit card will be given a special Belk Lottery card. The customer will scratch off the card, which will indicate the amount to be taken off the total amount of the purchase. Listed below are the amount of the prize and the percent of the time that amount will be deducted from the total amount of the purchase.

 

Prize Amount Probability
$  10   .50
  25 .40
  50 .08
 100 .02

 

 Click here for the Excel Data File

 

a. What is the mean amount deducted from the total purchase amount?
   
  Mean   

 

b.

What is the standard deviation of the amount deducted from the total purchase? (Round your answer to 2 decimal places.)

   
  Standard deviation



Top Answer

a. mean amount deducted = 10*.50 +25*.40 + 50*.08 + 100*.02 = $21... View the full answer

Other Answers

a. mean amount deducted = 10*.50 +25*.40 + 50*.08 + 100*.02 = $21 b. standard deviation of the amount deducted =... View the full answer

a. mean amount deducted = 10*.50 +25*.40 + 50*.08 + 100*.02 =$21... View the full answer

Great question... View the full answer

1 comment
  • sorry typo problem Part A= 21
    • mlnopq
    • Jul 20, 2016 at 11:22am

This question was asked on Jul 20, 2016 and answered on Jul 20, 2016.

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