The number of trades (in thousands) completed daily by an online stock brokerage follows a normal distribution with a mean of 99.9 and a standard deviation of 29.8. On average, the brokerage receives $6.39 commission per trade. For samples of size n = 15 days: 

Determine the mean and standard deviation of the sampling distribution of the sample mean daily commissions received (in thousand dollars) accurate to 3 decimal places: 

a) Mean = thousand dollars 

b) Standard deviation = thousand dollar

Determine the following probabilities (as percentages) accurate to one (1) decimal place. What is the probability that the mean daily commissions received is 

a) less than $596,187? % 

b) between $595,548 and $739,962? % For the given sample size, what is the maximum average daily commissions receivable from the lowest 12.5% volume trading days?

Answer rating: 100% (QA)

a Mean of the sampling distribution of the sample mean daily commissions received in thousand dollars The mean of the sampling distribution of the sample mean is equal to the mean of the population fr... View the full answer