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5.11. It is known that 30% of all customers of a major credit card pay their...

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5.11. It is known that 30% of all customers of a major credit card pay their bills in full before any interest charges are incurred. Suppose a simple random sample of 150 credit card holders is selected. (Note that n p-150 (0.3)-45 > 5, and n(1-p) 150(0.7)-105 > 5, so the normal approximation to the binomial is quite valid.) What is the probability that 30 or fewer customers pay their account balances in full before any interest charges are incurred? a. CHAPTER 5. THE BINOMIAL DISTRIBUTION 87 b. What is the probability that between 40 and 50 customers pay their account balances in full before any interest charges are incurred? c. What is the probability that more than 60 customers pay their account balances in full before any interest charges are incurred?

5.11. It is known that 30% of all customers of a major credit card pay their bills in full before any interest charges are incurred. Suppose a simple random sample of 150 credit card holders is selected. (Note that n p-150 (0.3)-45 > 5, and n(1-p) 150(0.7)-105 > 5, so the normal approximation to the binomial is quite valid.) What is the probability that 30 or fewer customers pay their account balances in full before any interest charges are incurred? a. CHAPTER 5. THE BINOMIAL DISTRIBUTION 87 b. What is the probability that between 40 and 50 customers pay their account balances in full before any interest charges are incurred? c. What is the probability that more than 60 customers pay their account balances in full before any interest charges are incurred?

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