# statistics probibility

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• #52510

Rogers
Participant

In the preceding year, 58% of all credit card customers had late fees.  If a random of 20 were selected, what is the probabilty that  0 had to pay a late fee, no more than 5 had to pay a late fee, more than 10 had to pay a late fee?  Please show work if possible.
Thanks

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#184776

Mikel
Member

HeyDo your own homework. This should take 5 minutes max.

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#184777

Mikel
Member

.000003%, .29%, 30%

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#184779

MBBinWI
Participant

An imposter posting under your nom-de-plume?  I was surprised you would do someone’s homework/test question.
BTW Debbie – need to learn to spell probability if you’re going to have any credibility.

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#184780

Mikel
Member

No imposture, I was feeling charitable.It won’t last.

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#184809

Rogers
Participant

Thanks, Stan:
Would you please be so kind to show me the formula for calculating this problem?  I need to be able to work the rest on my own for future assignments and the final.
Thanks again.

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#184810

Sudeep Bhargava
Member

You need to use the binomial distribution for such cases. The formula is
P(x)= nCx X (p^x) X (1-p)^(n-x)
“X” stands for multiplication, “^” stands for to the power of
n is total number of trials (20 in this case)
p is the probability of event taking place, 0.58 for making late fees in this case
x is the number of events taking place, i.e. number of people making the late payment.
Hope this clarifies
Sudeep Bhargava

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#184816

Mikel
Member

Sudeep ‘s advice is correct.This is easy to do in Excel using the binomdist function.

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