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 $293 and $307? |
|
(c) |
Suppose the number of customers decreases from 4000 to 2000. What is the probability that the sample mean will be between $296 and $305? |
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1. A bank has kept records of the checking balances of its 4000
customers and determined...
a-c please Please solve the following questions related to Chapter 7 and 8: 1. A bank...
a-c please
Please solve the following questions related to Chapter 7 and 8: 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...
-0.07 0.07 z 2. A bank has kept records of the checking balances of its customers...
-0.07 0.07 z 2. 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...
Answer and sketch questions 1 and 2 1. a) A random sample of size 36 is...
Answer and sketch questions 1 and 2
1. a) A random sample of size 36 is selected from a normally distributed population with a mean of 16 and a standard deviation of 3. What is the probability that the sample mean is somewhere between 15.8 and 16.2? b). A normally distributed population has a mean of 16 and a standard deviation of 3. What is the probability that a single event is somewhere between 15.8 and 16.2? 2. A bank...
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The...
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $750 and the standard deviation is $150. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model. Question 1....
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The...
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $ 750 and the standard deviation is $100. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model. Question...
Patty, a branch manager of a bank, would like a quick estimate of the mean checking account balance of all checking account customers. A random sample of checking 32 account balances results in a sample mean of $312,590.50 and a standard deviation of $52,
Patty, a branch manager of a bank, would like a quick estimate of the mean checking account balance of all checking account customers. A random sample of checking 32 account balances results in a sample mean of $312,590.50 and a standard deviation of $52,100. Calculate and interpret a 95% confidence interval for the mean checking account balance. Round off all answers to two decimal places with complete solutions.
A savings and loan association needs information concerning the checking account balances of its local customers....
A savings 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 $664.14 and a standard deviation of $297.29. Find a 99% confidence interval for the true mean checking account balance for local customers. What is the t-critical value? What is the margin of error(E) rounded to two decimal places? What is the confidence interval? Put in the interval form (low to...
17. The Barminster Bank is reviewing its service charges and interest paying policies on current accounts....
17. The Barminster Bank is reviewing its service charges and interest paying policies on current accounts. The bank has found that the average daily balance is normally distributed with a mean of £580 and a standard deviation of £140. a. What percentage of current account customers carry average balances in excess of £800? b. What percentage of current account customers carry average daily balances between £300 and £700? c. The bank is considering paying interest to customers carrying average daily...
An air conditioning contractor has kept detailed records on the lifetimes of a random sample of...
An air conditioning contractor has kept detailed records on the lifetimes of a random sample of 300 compressors. She plans to use the sample mean lifetime, x overbar, of those 300 compressors as her estimate for the population mean lifetime, mu, of all such compressors. If the lifetimes of this brand of compressor have a standard deviation of 50 months, what is the probability that the contractor's estimate will be within 5 months of the true mean?
An air conditioning contractor has kept detailed records on the lifetimes of a random sample of...
An air conditioning contractor has kept detailed records on the lifetimes of a random sample of 250 compressors. She plans to use the sample mean lifetime, x, of those 250 compressors as her estimate for the population mean lifetime, u, of all such compressors. If the lifetimes of this brand of compressor have a standard deviation of 45 months, what is the probability that the contractor's estimate will be within 7 months of the true mean? The probability is (Round...
a-c please
Please solve the following questions related to Chapter 7 and 8: 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...
-0.07 0.07 z 2. 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...
Answer and sketch questions 1 and 2
1. a) A random sample of size 36 is selected from a normally distributed population with a mean of 16 and a standard deviation of 3. What is the probability that the sample mean is somewhere between 15.8 and 16.2? b). A normally distributed population has a mean of 16 and a standard deviation of 3. What is the probability that a single event is somewhere between 15.8 and 16.2? 2. A bank...
17. The Barminster Bank is reviewing its service charges and interest paying policies on current accounts. The bank has found that the average daily balance is normally distributed with a mean of £580 and a standard deviation of £140. a. What percentage of current account customers carry average balances in excess of £800? b. What percentage of current account customers carry average daily balances between £300 and £700? c. The bank is considering paying interest to customers carrying average daily...
An air conditioning contractor has kept detailed records on the lifetimes of a random sample of 250 compressors. She plans to use the sample mean lifetime, x, of those 250 compressors as her estimate for the population mean lifetime, u, of all such compressors. If the lifetimes of this brand of compressor have a standard deviation of 45 months, what is the probability that the contractor's estimate will be within 7 months of the true mean? The probability is (Round...
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