1. In order to study the length of time after billing for customers to settle the payments, a manager of a virtual bank

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1 In Order To Study The Length Of Time After Billing For Customers To Settle The Payments A Manager Of A Virtual Bank 1 (431.63 KiB) Viewed 27 times

1. In order to study the length of time after billing for customers to settle the payments, a manager of a virtual bank look a random sample of 100 credit card invoices. A frequency table for the data on payment time, i.e., the mumber of days between the invoice date and the payment receipt date, was constructed as below. Payment time (in days) Number of invoices 0 7 10 20 20 29 48 30 39 19 40. 6 (a) Calculate the mican, mode, standard cleviation and interquartile range. 18 marks) (b) Calculate the coellicient of skewness using results in (a) and interpret your result briefly. [2 marks (c) In order to encourage early payment, the following scheme is introduced: l'or payınents made before the mewn payment time, the company reſunds the customers for each invoice: $50 a day for the number of days before the mean payment Lime. . For payments made after the mean payınent time, the company charges the customers for cach invoice $100 a day for the number of days after the INCHLIT payment Limne. How much on average will the bank roucive spend per invoier on the above 100 invoices under this scheme? 16 marks (cl) Develop a 99% confidence interval for the man payment time of all credit card invoices [1 marks!