SOLUTION: The credit card industry has determined that about 65% of college students will be late making a minimum payment when paying their credit card every year at least once. If 10 rand

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Question 652628: The credit card industry has determined that about 65% of college students will be late making a minimum payment when paying their credit card every year at least once. If 10 randomly selected students who own a credit card is selected.

What is the probability that at most 2 of the ten selected are late with their credit card payment?


What is the probability that more than 7 are late with their credit card payment?
I need help with which formula to use and how to set up the problem
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

 

Hi,

Re TY, Following can also be found using the Excel function BINOMDIST()

BIONOMIAL Distrubtion: P(late) = .65 , n = 10 

Using TI 83 Calculator

P(x ≤ 2) is binomcdf(10, .65, 2) 0r Excel function BINOMDIST(2,10,0.65,TRUE)

P(x > 7) = 1 - P(x ≤ 7) = 1 -  binomcdf(10, .65, 7)

0r                            = 1 - BINOMDIST(7,10,0.65,TRUE)

Plain calculator works as well using P = nCx* p%5Ex%2Aq%5E%28n-x%29 

P(x ≤ 2) = P(x = 0) + P(x = 1)  + P(x = 2)

               = 10C0(.65^0)(.35)^10 + 10C1(.65)^1(.35)^9 + 10C2(.65)^2(.35)^8 

P(x > 7) = P(x = 8) + P(x = 9)  + P(x = 10)

Stattrek.com can also be used to check Your work