Question
In: Statistics and Probability
A bank has kept records of the checking balances of its customers and determined that the...
A bank has kept records of the checking balances of its
customers and determined that the population average daily balance
of its customers is $300 with a population standard deviation of
$48. A random sample of 144 checking accounts is
selected.
| a. |
What is the probability that the sample mean will be more than $306.60? |
| b. |
What is the probability that the sample mean will be less than $310? |
| c. |
What is the probability that the sample mean will be between $302 and $308? |
Solutions
orchestra answered 3 years agoRelated Solutions
A bank has kept records of the checking balances of its customers and determined that the...
A bank has kept records of the checking balances of its
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $48. A random sample
of 144 checking accounts is selected. a. What is the
probability that the sample mean will be more than $306.60? b. What
is the probability that the sample mean will be less than $308? c.
What is the probability that the sample mean will be between $302...
A bank has kept records of the checking balances of its customers and determined that the...
A bank has kept records of the checking balances of its
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $50. A random sample
of 145 checking accounts is selected.
a) What is the probability that the sample mean will be more
than $307.60?
b) What is the probability that the sample mean will be between
$300 and $310?
c) What is the probability that the sample mean will be at...
A bank has kept records of the checking balances of its customers and determined that the...
A bank has kept records of the checking balances of its
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $48, and is a
normally distributed population. A random sample of 144
checking accounts is selected.
a) What is the probability that the sample mean will be at least
$306.60?
b) What is the probability that the sample mean will be less
than $308?
c) What is the probability that the sample...
A bank has kept records of the checking balances of its 4000 customers and determined that...
A bank has kept records of the checking balances of its 4000
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $48. A random sample
of 144 checking accounts is selected. Please answer the following
questions.
(a) What is the probability that the sample mean will be more
than $309?
(b) What is the probability that the sample mean will be between
$291 and $307?
(c) Suppose the number of customers...
1. A bank has kept records of the checking balances of its 4000 customers and determined...
1. A bank has kept records of the checking balances of its 4000
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $48. A random sample
of 144 checking accounts is selected. Please answer the following
questions.
(a)
What is the probability that the sample mean will be more than
$309?
(b)
What is the probability that the sample mean will be between
$292 and $308?
(c)
Suppose the number of...
Exhibit: Checking Accounts. A bank has kept records of the checking balances of its customers and...
Exhibit: Checking Accounts.
A bank has kept records of the checking balances of its
customers and determined that the average daily balance of its
customers is $300 with a standard deviation of $56. A random sample
of 200 checking accounts is selected. You are interested in
calculating the following probabilities below.
For all answers below, do not round intermediate steps if any
and round your final solution to 4 decimal places.
(1)Assuming that the population of the checking account balances...
a bank found that the average monthly checking balance of its customers is $10000 with a...
a bank found that the average monthly checking balance of its
customers is $10000 with a standard deviation of $4500. a random
sample of 12 accounts is selected.
1. what is the probability that the average checking balance
will be more than 13000
2. what is the probability that the monthly balance will be less
than 4000
3.assume that this bank offers a special credit card to one
percent of its customers with the highest checking balance. what is
the...
A saving and loan association needs information concerning the checking account balances of its local customers....
A saving and loan association needs information concerning the
checking account balances of its local customers. A random sample
of 14 accounts was checked and yielded a mean balance of $785 and
standard deviation of $289. Find a 96% confidence interval for the
true mean checking account balance for local customers.
a) Find the point estimate
b) Find the critical value.
c) Find the margin of error
d) Construct the confidence interval
e) Interpret the confidence interval
Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account profitability...
Customers as a Cost Object
Morrisom National Bank has requested an analysis of checking
account profitability by customer type. Customers are categorized
according to the size of their account: low balances, medium
balances, and high balances. The activities associated with the
three different customer categories and their associated annual
costs are as follows:
Opening and closing accounts
$300,000
Issuing monthly statements
450,000
Processing transactions
3,075,000
Customer inquiries
600,000
Providing automatic teller machine (ATM) services
1,680,000
Total cost
$6,105,000
Additional data...
The First National Bank of Wilson has 740 checking account customers. A recent sample of 60...
The First National Bank of Wilson has 740 checking account
customers. A recent sample of 60 of these customers showed 36 have
a Visa card with the bank.
Construct the 98% confidence interval for the proportion of
checking account customers who have a Visa card with the bank. (Use
z Distribution Table.) (Round your answers to 3 decimal
places.
Confidence interval for the proportion is between and .
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