Question
In: Math
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 is normally distributed, what is the probability that a randomly selected account has a balance of more than $305?
(2)What is the probability that the mean balance for the selected sample is above $295?
(3)What is the probability that the mean balance for the selected sample is between $302 and $304?
Another one:
A biology class with 114 students recently had an exam. The mean exam score was 82 and the standard deviation of the exam score was 12.
(1)What is the probability that a random sample of 37 exams has an average score below 84?
Solutions
milcah answered 2 months 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 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...
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...
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
Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with beginning balances as...
Voyager Electronic Services has three customers in its accounts
receivable subsidiary ledger with beginning balances as
follows:
Fred Yao Ming, $1,150.00
Kohl Townson, $850.00
Chandra Jahi, $1,075.00
Record the following transactions in a general journal. Then
post to the accounts receivable account in the general ledger and
to the customer accounts in the accounts receivable subsidiary
ledger.
On June 3, Kohl Townson paid $325.00 on account.
On June 10, Chandra Jahi purchased $475.00 on account.
On June 15, Fred Yao...
Rock Solid Bank and Trust (RSB&T) offers only checking accounts. Customers can write checks and use...
Rock Solid Bank and Trust (RSB&T) offers only checking
accounts. Customers can write checks and use a network of automated
teller machines. RSB&T earns revenue by investing the money
deposited; currently, it averages 6.10 percent annually on its
investments of those deposits. To compete with larger banks,
RSB&T pays depositors 0.50 percent on all deposits. A recent
study classified the bank’s annual operating costs into four
activities.
Activity
Cost Driver
Cost
Driver Volume
Using ATM
Number of uses
$
2,850,000...
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