Banks charge customers an overdraft fee when the customer's account falls below 0. The Overdraft Protection...

 

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Banks charge customers an overdraft fee when the customer's account falls below 0. The Overdraft Protection Act of 2013 limits overdraft fees so that they are reasonably proportional to the amount of the overdraft. Let X be the amount of an overdraft fee for a randomly selected bank. The probability distribution is given in the table. X P(x) 10 0.02 12 0.06 15 0.08 20 0.10 25 0.16 27 0.28 30 0.15 35 0.07 38 0.08 Suppose 50 banks are selected at random. Let Y represent the number of banks with an overdraft fee that is at most $15. What is the probability that more than 9 of the banks have an overdraft fee that is at most $15? Use the appropriate section of your Part 1 worksheet to answer the question, and explain how you arrived at your answer. If you did not complete the worksheet, show your work for full credit and use the equation editor in the answer box for equations. Banks charge customers an overdraft fee when the customer's account falls below 0. The Overdraft Protection Act of 2013 limits overdraft fees so that they are reasonably proportional to the amount of the overdraft. Let X be the amount of an overdraft fee for a randomly selected bank. The probability distribution is given in the table. X P(x) 10 0.02 12 0.06 15 0.08 20 0.10 25 0.16 27 0.28 30 0.15 35 0.07 38 0.08 Suppose 50 banks are selected at random. Let Y represent the number of banks with an overdraft fee that is at most $15. What is the probability that more than 9 of the banks have an overdraft fee that is at most $15? Use the appropriate section of your Part 1 worksheet to answer the question, and explain how you arrived at your answer. If you did not complete the worksheet, show your work for full credit and use the equation editor in the answer box for equations.

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To find the probability that more than 9 of the banks have an overdraft fee that is at most 15 we ... View the full answer