A major credit card company has determined that customers charge between $100 and $1100 per month. If the monthly amount charged is uniformly distributed,a. The average charge would be______.b. The standard deviation of the monthly amount charged would be ______.c. The percent of monthly charges between $600 and $889 would be _______.d. The percent of monthly charges between $311 and $889 is ________.

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Answer:

a) [tex] E(X) = \frac{a+b}{2} = \frac{100+1100}{2}=600[/tex]

b) First we need to calculate the variance given by this formula:

[tex] Var(X) = \frac{(b-a)^2}{12}= \frac{(1100-100)^2}{12} = 83333.33[/tex]

And the deviation would be:

[tex] Sd(X) = \sqrt{83333.33}= 288.675[/tex]

c) [tex] P(600 < X< 889) = P(X<889) -P(X<600)[/tex]

And using the cdf we got:

[tex] P(600 < X< 889)= F(889) -F(600) = \frac{889-100}{1000} -\frac{600-100}{1000}= 0.789- 0.5= 0.289[/tex]

d) [tex] P(311 < X< 889)= F(889) -F(311) = \frac{889-100}{1000} -\frac{311-100}{1000}= 0.789- 0.211= 0.578[/tex]

Step-by-step explanation:

For this case we define the random variable X who represent the customers charge, and the distribution for X on this case is:

[tex] X \sim Unif (a= 100,  b=1100)[/tex]

Part a

For this case the average is given by the expected value and we can use the following formula:

[tex] E(X) = \frac{a+b}{2} = \frac{100+1100}{2}=600[/tex]

Part b

First we need to calculate the variance given by this formula:

[tex] Var(X) = \frac{(b-a)^2}{12}= \frac{(1100-100)^2}{12} = 83333.33[/tex]

And the deviation would be:

[tex] Sd(X) = \sqrt{83333.33}= 288.675[/tex]

Part c

For this case we want to find the percent between 600 and 889, so we can use the cumulative distribution function given by:

[tex] F(x) = \frac{X -100}{1100-100}= \frac{x-100}{1000}, 100 \leq X \leq 1100[/tex]

And we can find this probability:

[tex] P(600 < X< 889) = P(X<889) -P(X<600)[/tex]

And using the cdf we got:

[tex] P(600 < X< 889)= F(889) -F(600) = \frac{889-100}{1000} -\frac{600-100}{1000}= 0.789- 0.5= 0.289[/tex]

Part d

[tex] P(311 < X< 889) = P(X<889) -P(X<311)[/tex]

And using the cdf we got:

[tex] P(311 < X< 889)= F(889) -F(311) = \frac{889-100}{1000} -\frac{311-100}{1000}= 0.789- 0.211= 0.578[/tex]

Using the uniform distribution, it is found that:

a) The average charge would be $600.

b) The standard deviation of the monthly amount charged would be $288.68.

c) The percent of monthly charges between $600 and $889 would be 28.9%.

d) The percent of monthly charges between $311 and $889 is 57.8%.

The uniform distribution has two bounds, a and b.

A major credit card company has determined that customers charge between $100 and $1100 per month, hence [tex]a = 100, b = 1100[/tex]

Item a:

The mean of the uniform distribution is:

[tex]M = \frac{a + b}{2}[/tex]

Hence:

[tex]M = \frac{100 + 1100}{2} = 600[/tex]

The average charge would be $600.

Item b:

The standard deviation of the uniform distribution is:

[tex]S = \sqrt{\frac{(b - a)^2}{12}}[/tex]

Hence:

[tex]S = \sqrt{\frac{(1100 - 100)^2}{12}} = 288.68[/tex]

The standard deviation of the monthly amount charged would be $288.68.

Item c:

The probability of finding a value between c and d is:

[tex]P(c \leq X \leq d) = \frac{d - c}{b - a}[/tex]

Hence:

[tex]P(600 \leq X \leq 889) = \frac{889 - 600}{1100 - 100} = 0.289[/tex]

0.289 x 100% = 28.9%

The percent of monthly charges between $600 and $889 would be 28.9%.

Item d:

[tex]P(311 \leq X \leq 889) = \frac{889 - 311}{1100 - 100} = 0.578[/tex]

0.578 x 100% = 57.8%

The percent of monthly charges between $311 and $889 is 57.8%.

To learn more about the uniform distribution, you can take a look at https://brainly.com/question/13889040