Last year 75% of Kmart Department Stores credit card purchases were for less than $150. In a random sample of 200 credit card companies, what is the probability that purchases less than $150 amount to between 70% and 80%?
Would really appreciate any help because I have tried everything in my notes to no avail. To begin with, I don't even know where to direct my attention because I have no clue as to what "kind" of probability formula I need to be looking for.
Last edited by TI30; 12-05-2010 at 02:05 PM. Reason: add info
I suppose this is why I'm having such a hard time with this problem. I'll try and ask the instructor as to what information is missing; trying to prepare for finals and this certainly does not help with my confidence.
Thank you for the reply Outlier.
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