Tony has $727.29 in his checking account. He must maintain a $500 balance to avoid a fee. He wrote a check for $248.50 today. Wr
2 answers:
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Answer:
a. 0.38%
b. 266.75 days
Step-by-step explanation:
We have the following data, mean (m) 269 and standard deviation (sd) 15, therefore:
a. The first thing is to calculate the number z:
z (x) = (x - m) / sd
z (309) = (309-269) / 15 = 2.67
When looking in the normal distribution table (attached), we have that at this value of z, the probability is:
P (z> 2.67), that is to say we must look in the table -2.67 and this value corresponds to 0.0038, that is to say 0.38%
b. Find the z-value with a left tail of 44%, i.e. 0.44. We look in the table for this value and what value of z corresponds.
invNorm (0.44) = -0.15
Find the corresponding number of days:
x = z * sd + m
we replace
d = -0.15 * 15 + 269 = 266.75 days
