Question

In: Statistics and Probability

A bank teller serves customers one at a time so that each customer has an associated...

  1. A bank teller serves customers one at a time so that each customer has an associated ‘service time,’ or time during which they interact with the teller. We know that the service times are not Normally distributed as some customers have very long service times. However, we do know that service times have a mean of 4 minutes and standard deviation of 1.2 minutes. What is the probability that a sample of 40 bank customers has an average service time of between 3.5 and 4.5 minutes?

Solutions

Expert Solution

Solution :

Given that,

mean = = 4

standard deviation = = 1.2

n = 40

= 4

= / n = 1.2 / 40 = 0.1897

P( 3.5 < < 4.5 )  

= P[(3.5 - 4) /0.1897  < ( - ) / < (4.5 - 4) /0.1897)]

= P( -2.64 < Z < 2.64 )

= P(Z < 2.64 ) - P(Z < -2.64 )

Using z table,  

= 0.9959 - 0.0041

= 0.9918

P( 3.5 < < 4.5 ) = 0.9918

Probability = 0.9918


Related Solutions

The amount of time a bank teller spends with each customer has a population mean of...
The amount of time a bank teller spends with each customer has a population mean of 3.086 minutes. You select a random sample of 16 customers. The sample standard deviation is 0.40 minutes. There is a 95% chance that the sample mean is below ______ minutes
The amount of time a bank teller spends with each customer has a population​ mean, μ​,...
The amount of time a bank teller spends with each customer has a population​ mean, μ​, of 2.90 minutes and a standard​ deviation, σ​, of 0.40 minute. Complete parts​ (a) through​ (c). a. If you select a random sample of 16 customers, what is the probability that the mean time spent per customer is at least 2.7 minutes? nothing ​(Round to four decimal places as​ needed.) b. If you select a random sample of 16 customers, there is an 84​%...
The amount of time a bank teller spends with each customer has a population​ mean, mu​,...
The amount of time a bank teller spends with each customer has a population​ mean, mu​, of 2.80 minutes and a standard​ deviation, sigma​, of 0.40 minute. Complete parts​ (a) through​ (d). d.) If you select a random sample of 64 customers, there is an 83​% chance that the sample mean is less than how many​ minutes?
Alex was a bank teller at Wells Fargo Bank. One of his long time customers is...
Alex was a bank teller at Wells Fargo Bank. One of his long time customers is Bill. Bill is the manger of Buffalo Wild Wings. Everyday is comes in noon to do a deposit, he leaves the deposit and Alex emails the receipt. This particular day Bill was in a hurry and missed indorsing two of the checks. Using IRAC, determine whether Alex can accept the deposit from Bill.
(Using Excel)  The length of time for a teller to serve a customer in a bank is...
(Using Excel)  The length of time for a teller to serve a customer in a bank is important. The teller service time has been recorded by camera and follows a normal distribution but has an unknown standard deviation. A simple random sample of 20 service times is selected and the times are measured. The sample mean is found to be 120 seconds. The sample standard deviation is found to be 22 seconds.  Since we do not know the population standard deviation, we...
2. The amount of time that a drive-through bank teller spends on a customer is a...
2. The amount of time that a drive-through bank teller spends on a customer is a random variable with a mean  minutes and a standard deviation  minutes. If a random sample of 64 customers is observed, find the probability that their mean time at the teller’s window is: a) At most 2.7 minutes b) more than 3.5 minutes
The amount of time that a​ drive-through bank teller spends on a customer is a random...
The amount of time that a​ drive-through bank teller spends on a customer is a random variable with a mean mu = 4.9 minutes and a standard deviation sigma = 2.4 minutes. If a random sample of 36 customers is​ observed, find the probability that their mean time at the​ teller's window is ​(a) at most 4.3 ​minutes; ​(b) more than 5.3 ​minutes; ​(c) at least 4.9 minutes but less than 5.7 minutes. (a) The probability that the mean time...
The amount of time that a drive-through bank teller spends on a customer is a random...
The amount of time that a drive-through bank teller spends on a customer is a random variable with a mean   3.1 minutes and variance 2.65 . If a random sample of 51 customers is observed. (a) Find the probability that their mean time at the teller’s window is at least 3.2 minutes but less than 3.4 minutes (a) Find the probability that their variance at the teller’s window is not more than 1.7855.
Grand Opening Bank is offering a​ one-time investment opportunity for its new customers. A customer opening...
Grand Opening Bank is offering a​ one-time investment opportunity for its new customers. A customer opening a new checking account can buy a special savings bond for ​$600 ​today, which the bank will compound at 8​% for the next ten years. The savings bond must be held for at least five​ years, but can then be cashed in at the end of any year starting with year five. What is the value of the bond at each​ cash-in date up...
Grand Opening Bank is offering a​ one-time investment opportunity for its new customers. A customer opening...
Grand Opening Bank is offering a​ one-time investment opportunity for its new customers. A customer opening a new checking account can buy a special savings bond for ​$800 ​today, which the bank will compound at 5.5​% for the next ten years. The savings bond must be held for at least five​ years, but can then be cashed in at the end of any year starting with year five. What is the value of the bond at each​ cash-in date up...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT