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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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