Available Question:
If you put $7850 in the ATM each day, what percent of the days in a month should you expect to run out of cash?
nothing%
(Round to the nearest tenth as needed.)
Data set: (00s)
54 92 70 59 66 75 80 90 86 72
76 71 55 64 70 65 66 78 70 83
67 70 70 71 80 72 74 60 81 71
Answer:
23.3%
Explanation:
In the given set, there are only 7 days in which I will run out of cash because the withdrawal is more than $7850.
As we know that:
Probability of running out of Cash = (Relevant Event Occurrence / Total number of events) * 100%
Here
Relevant Event Occurrence is 7 (92, 80, 90, 86, 83, 80, 81)
Total number of events are 30
By putting values, we have:
Probability of running out of Cash = 7 / 30 * 100% = 23.3%
