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Thread: Credit Card Probability

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    Credit Card Probability




    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

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    Re: Credit Card Probability

    Quote Originally Posted by TI30 View Post
    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.
    Not enough info. . .?
    If you assume Kmart's distribution and mean are same as for the 200 companies then it gets to be a tolerance limit question between two identical distributions on the 75% figure.

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    Re: Credit Card Probability


    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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