A local bank has determined that the daily balances X of the checking accounts of its customers
Question:
A local bank has determined that the daily balances X of the checking accounts of its customers are lognormally distributed with an E(lnX) = $5.5 and Var(lnX) = 1.5.
(a) What percentage of its customers has daily balances of more than $275?
(b) What percentage of its customers has daily balances less than $243?
(c) What percentage of its customers’ balances is between $241 and $301.60?
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Step by Step Answer:
To solve these questions we first need to understand the concept of a lognormal distribution A variable X is said to be lognormally distributed if the ...View the full answer
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Related Book For 
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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