Suppose you analyzed the average monthly credit card bill of Visa credit card cu

Question

Suppose you analyzed the average monthly credit card bill of Visa credit card customers using two randomly selected samples: one with 142 Visa credit card customers (Sample #1) and one with 106 Visa credit card customers (Sample #2). Every credit card customer in Sample #1 had a monthly credit card bill of $1,892. Sample #2, on the other hand, had an average monthly credit card bill of $1,807 with a variance of 1,393,268 (S)A2. If you combined these samples into one... Question1 Question 2A What is the combined monthly credit card bill median (in dollars)? Question 2B What is the shape of the combined monthly credit card bill distribution (in dollars)? Question 3 What would be the combined monthly credit card bill standard deviation (in dollars)?

Explanation / Answer

1)

(142*1892+106*1807)/(142+106)
=1855.66935484

2)
median= 1892

3)
mean < median
hence right-skewed

5A. Range = maximum- minimum
= 4.48 - 1.71
= 2.77
5B . Variance = sum(xi-mean)^2/(n-1); where n is sample size. In excel pl use the formula: "=VAR.S(data)"

= 74.31553
5C . IQR is interquartile range = 3rd quartile - 1st quartile
=3.5275-2.4375
= 1.09

7)empirical rule , 99.7 %    3 sd

excel

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5a 5b 5c 1.71 74.31553 3.5275 4.48 2.4375 2.77 1.09 7) 2.966714 mean 0.671882 sd 0.951069 4.98236

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