Suppose you analyzed the average monthly credit card bill of Visa credit card cu
ID: 3067539 • Letter: S
Question
Suppose you analyzed the average monthly credit card bill of Visa credit card customers using two randomly selected samples: one with 150 Visa credit card customers (Sample #1) and one with 99 Visa credit card customers (Sample #2). Every credit card customer in Sample #1 had a monthly credit card bill of $1,846. Sample #2, on the other hand, had an average monthly credit card bill of $1,888 with a variance of 1,340,992 ($)^2. If you combined these samples into one…
1) What is the combined monthly credit card bill median (in dollars) ?
Professor James took a sample of 195 students from her morning class and a sample of 171 students from her evening class. On Exam 1, all those sampled from the morning class got a 63 while those sampled from the evening class averaged a 67 with a variance of 164. If Professor James combines these two samples …
2) What is the combined Exam 1 average?
Explanation / Answer
Solution:
1. For the combined monthly credit card median;
x1 = $1,846
x2 = $1,888
Therefore, the median = (1,846 + 1,888)/2 =$3,734/2
Which is = $1,867
Thus, the combined monthly credit card bill median is = $1,867Ans.
2. For the combined Exam 1 average
Given that;
n1 = 150
x1 = $1,846
S2 = 0
n2 = 99
x2 = $1,888
S2 = 1,340,9922
First we find mean;
Mean = {(150x1,846)+(99x1,888)/(150+99)
= (276,900+186,912)/249
= 1,862.69
Thus, the combined monthly credit card bill average = $1,862.69Ans.