A Major Credit Card Company Has Determined That Customers Charge

question 85

Short Answer

A major credit card company has determined that customers charge between $100 and $1100 per month.Given that the average monthly amount charged is uniformly distributed,what percent of monthly charges is less then $100? _____________

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Definitions:

Null

In statistics, this refers to the null hypothesis, which is a default hypothesis that there is no significant difference or effect.

Average Profit

The mean financial gain computed by dividing the total profit by the number of units sold or transactions, providing insight into overall profitability.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution without violating any constraints.

T Distribution

A probability distribution that is used to estimate population parameters when the sample size is small and the population variance is unknown.