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The Webster National Bank is reviewing its service charge and interest-paying policies on checking accounts. The bank has found that the average daily balance on personal checking accounts is $550, with a standard deviation of $150. In addition, the average daily balances have been found to be normally distributed (Gaussian).
(a) What percentage of personal checking account customers carry average daily balances in excess of $800?(b) What percentage of the bank's customers carries average daily balances below of $200?(c) What percentage of the bank's customers carries average daily balances between $300 and $700?(d) The bank is considering paying interest to customers carrying average daily balances in excess of a certain amount. If the bank does not want to pay interest to more than 5% of its customers, what is the minimum average daily balance it should be willing to pay interest on?
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The probability is 1 in 4,000,000 that a single auto trip in the United States will result in a fatality. Over a lifetime, an average U.S. driver takes 50,000 trips. (a) What is the probability of a fatal accident over a lifetime? Explain your rea..
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Assume that the two groups come from populations with the same standard deviation. Test the claim that the mean score of women is equal to a mean score of men using a 0.02 significance level.
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