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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?
Why do so many of life's events share the same characteristics with Central Limit Theorem? Why are estimations and confidence intervals important?
To compute all the descriptive statistics for the following set of three test scores over the course of a semester. Which test had the highest average score? Which test had the smallest amount of variability?
List and describe the three assumptions of ANOVA. When should researchers use different hypothesis tests for independent and related samples? What is the difference between a one-way-ANOVA and a two-way-ANOVA?
Using Area of Residence (Area A or Area B) as my stratification factor, explain, in detail, how you would select a sample of 60 inhabitants by using stratified random sampling.
Population was computed to be 126.9 grams and the standard deviation was 1.20 grams. which food results in more uniform weight.
An account invested in a money market fund grew from $73,329.23 to $73,627.26 in a month. What was the interest rate to the nearest tenth?
At the 5 percent level of significance, can we conclude that the mean weight is greater than 16 ounces? Determine the p-value.
A human society claims that less than 31% of U.S. households own a dog. In a random sample of 392 U.S. households, 155 say they own a dog. At a=0.03, is there enough evidence to support the society's claim?
Compute the probability of receiving three calls in a 5-minute interval of time. Compute the probability of receiving exactly 10 calls in 15 minutes.
The number of items rejected daily by the manufacturer because of defects for last 30 days are:
What is approximately the largest sample mean of another sample of n= 16 participants you would expect to obtain from this finite population?
Find the maximum and minimum prices of the houses a contractor will build to include the middle 65% of the market.
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