Pay your bills: In a large sample of customer accounts, a utility company determ

Question

Pay your bills: In a large sample of customer accounts, a utility company determined that the average number of days between when a bill was sent out and when the payment was made is 2!9 with a standard deviation of 3 days. Assume the data to be approximately bell-shaped Part 1 Estimate the percentage of bills for which payment was made in greater than 32 days. Approximately 16 % of the bills have payments made in greater than 32 days. Part 2 out of 3 Estimate the percentage of bills for which payment was made in less than 23 days. Approximately % of the bills have payments made in less than 23 days.

Explanation / Answer

Percentage of bills less than 23 days

= P(X < 23)

= P(z < (23 - 29)/3)

= P(z < -2)

= 2.5%

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