Question: Credit card market shares. The following table reports the U.S. credit card industry's market share data for 2007.A random sample of 100 credit card users is to be questioned regarding their satisfaction with their credit card company. For simplification, assume that each credit card user carries just one credit card and that the market share percentages are the percentages of all credit card customers that carry each brand.

Credit Card Market Share %

Visa 46

MasterCard 36

American Express 12

Discover 6

1. Propose a procedure for randomly selecting the 100 credit card users.
2. For random samples of 100 credit card users, what is the expected number of customers who carry Visa? Discover?
3. What is the probability that half or more of the sample of credit card users carry Visa? American Express?
4. Justify the use of the normal approximation to the binomial in answering the question in part c.

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