Bank of America has determined that customers charge between $100 and $1, 100 pe

Question

Bank of America has determined that customers charge between $100 and $1, 100 per month amount charged is uniformly distributed a. the average charge would be ____. b. the standard deviation of the monthly mount charged would be ____. c. the percent of monthly charges between $600 and $889 would be_____. d. the third quartile of the distribution would be____. a. The salary range that separates the top 25% from the lower 75% is b. The number of students who earned more than $36,000 was The average monthly mortgage payment for all homeowners in a city is $2500. Suppose that the distribution of a monthly mortgage paid by homeowners in this city follow an approximate normal distribution with a mean of $2500 and a standard deviation of $450. Find the probability that the monthly mortgage paid by a randomly selected homeowner from this city is a. less than $1200 b. Between $2300 and $3140

Explanation / Answer

Answer: First 2 quastions ansaered

Q15).

a).

a=100, b=1100

Expectation = (a + b)/2 = 600

b).

Variance = (b - a)2/12 = 83333.3333

Standard deviation = 288.6751

c).

P( 600<x<889) = P( X <889) – P( x < 600)

= 0.789 -0.5

=0.289

Answer: 28.9%

d).

Third quartile = 850

Q16).

a).

Z value for top 25% =0.674

X= mean+z*sd

X = 30000+0.674*3000 =32022

Answer: $32022

b).

z value for 36000, z =(36000-30000)/3000 =2

P(x >36000)=P( z >2) =0.0228

500*0.0228 =11.4

Answer: 11

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