statistics probibility
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 This topic has 7 replies, 4 voices, and was last updated 12 years, 3 months ago by Mikel.

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August 9, 2009 at 4:15 am #52510
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.
Thanks0August 9, 2009 at 7:46 am #184776HeyDo your own homework. This should take 5 minutes max.
0August 9, 2009 at 7:53 am #184777.000003%, .29%, 30%
0August 9, 2009 at 8:07 pm #184779
MBBinWIParticipant@MBBinWI Include @MBBinWI in your post and this person will
be notified via email.An imposter posting under your nomdeplume? 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.0August 9, 2009 at 8:32 pm #184780No imposture, I was feeling charitable.It won’t last.
0August 11, 2009 at 2:20 pm #184809Thanks, 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.0August 11, 2009 at 2:51 pm #184810
Sudeep BhargavaMember@SudeepBhargava Include @SudeepBhargava in your post and this person will
be notified via email.You need to use the binomial distribution for such cases. The formula is
P(x)= nCx X (p^x) X (1p)^(nx)
“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 Bhargava0August 11, 2009 at 9:41 pm #184816Sudeep ‘s advice is correct.This is easy to do in Excel using the binomdist function.
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