Homework Help: Applied statistics for business and economics

Posted by Todd on Sunday, October 24, 2010 at 12:12pm.

Only 0.02% of credit card holders of a company report the loss or theft of their credit cards each month. The company has 15,000 credit cards in the city of Memphis. Use the Poisson probability tables to answer the following questions. What is the probability that during the next month in the city of Memphis

a. no one reports the loss or theft of their credit cards?
b. every credit card is lost or stolen?
c. six people report the loss or theft of their credit cards?
d. at least nine people report the loss or theft of their cards?
e. Determine the expected number of reported lost or stolen credit cards.
f. Determine the standard deviation of the number of reported lost or stolen cards.

Applied statistics for business and economics - Emily, Monday, February 11, 2013 at 5:58pm
a. 0.9998
b. 0.0002
c. 0.0504
d. 0.0224
e. 3 cards
f. 1.731877594 (rounded 1.7319)
Applied statistics for business and economics - Emily, Monday, February 11, 2013 at 6:09pm
I apologize, 3 of the above answers are not correct.

* a. 0.0498
* b. 0.0000
c. correct
* d. 0.0038
e. correct
f. correct

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