I have a question , My grandfather asked me a very old question . This question is of his time probably.
1 answer:
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Answer:
a: 0.9544 9 within 8 units)
b: 0.9940
Step-by-step explanation:
We have µ = 300 and σ = 40. The sample size, n = 100.
For the sample to be within 8 units of the population mean, we would have sample values of 292 and 308, so we want to find:
P(292 < x < 308).
We need to find the z-scores that correspond to these values using the given data. See attached photo 1 for the calculation of these scores.
We have P(292 < x < 308) = 0.9544
Next we want the probability of the sample mean to be within 11 units of the population mean, so we want the values from 289 to 311. We want to find
P(289 < x < 311)
We need to find the z-scores that correspond to these values. See photo 2 for the calculation of these scores.
We have P(289 < x < 311) = 0.9940
The slope is 3/4. you need to find the change of y over the change of x.
Answer:
The percentage of the bank's customers carry daily balances between $700 and $1,000 is 65.7%.
The minimum daily balance on which it should be willing to pay interest is $1,198.
Step-by-step explanation:
We have a normal distribution with mean = $800 and standard deviation = $150.
a) We can calculate this value with the standard normal distribution, calculating the z-value for $700 and $1,000.
The percentage of the bank's customers carry daily balances between $700 and $1,000 is 65.7%.
b) We must calculate from what amount only 6% of the accounts remain.
This is done by solving:
This happens for a z-value of z=2.652.
This corresponds to a amount of $1,198.
The minimum daily balance on which it should be willing to pay interest is $1,198.