The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm.

The bank has found that for all personal checking accounts the mean of all the daily balances is $700 and the standard deviation is $100.

In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model.

Question 1. What percentage of the bank's customers carry daily balances between $700 and $1,000?

______% (Use 2 decimal places in your answer. Note that the answer is requested as a percent, that is, a value between 0 and 100).

Question 1.The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If the bank does not want to pay interest to more than 5% of its checking account customers, what is the minimum daily balance on which it should be willing to pay interest? (Round your answer to the nearest dollar)

____ dollars

Answer rating: 100% (QA)

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