A bank has kept records of the checking balances of its customers and determined that the average
Question:
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.
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 below $290?
4. What is the probability that the mean balance for the selected sample is between $302 and $304?
Statistics for Business and Economics
ISBN: 978-0132930192
8th edition
Authors: Paul Newbold, William Carlson, Betty Thorne