Calculate the mean and standard deviation of the atm fees

Assignment Help Basic Statistics
Reference no: EM131652165

Question: Although some financial institutions do not charge fees for using ATMs, many do. A recent study found the average fee charged by banks to process an ATM transaction was $2.91. The file titled ATM Fees contains a list of ATM fees that might be required by banks.

a. Produce a relative frequency histogram for these data. Does it seem plausible the data came from a population that has an exponential distribution?

b. Calculate the mean and standard deviation of the ATM fees.

c. Assume that the distribution of ATM fees is exponentially distributed with the same mean as that of the sample. Determine the probability that a randomly chosen bank's ATM fee would be greater than $3.00.

Reference no: EM131652165

Questions Cloud

The five competitive forces that shape strategy : After reading Porter's "The Five Competitive Forces that Shape Strategy," discuss briefly, in your own words,
Principles of success that you believe are most impactful : What psychological concepts do you wish we had explored in more depth in this course
Experienced an unethical situation at a workplace : Recall a time when you experienced an unethical situation at a workplace. What events led up to the situation?
Layers of the osi model : In a 3- to 4 p, select 3 Networking protocols from each layer of the 7 layers of the OSI model, explain the protocol with info
Calculate the mean and standard deviation of the atm fees : Although some financial institutions do not charge fees for using ATMs, many do. A recent study found the average fee charged by banks to process an ATM.
Explain how the study of this individual would inform : Explain how the study of this individual would inform your practice as a social worker
What countermeasures are in place : For this assignment, please choose a facility (business, school, government, etc.) and then analyze and explain the following:
Calculate mean and standard deviation of the enroute delays : Produce a relative frequency histogram for this data. Does it seem plausible the data come from a population that has an exponential distribution?
Explain how a business risk arises from each deficiency : ACT504 - Determine the impact of each event on the materiality amount - Explain your answers Design a test of control Harley Quinn

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd