Percentage of households that have a credit card debt

Reference no: EM1393470

According to the Federal Reserve Board, the average credit card debt per U.S. household was $8,565 in 2008. Assume that the distribution of credit card debt per household has a normal distribution with a standard deviation of $3000.

a. Determine the percentage of households that have a credit card debt of more than $13,000.

b. One household has a credit card debt that is at the 95th percentile. Determine its credit card debt.

Reference no: EM1393470

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