Service charge-interest payment policies on checking account

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The Webster National Bank is reviewing its service charge and interest payment policies on checking accounts. The bank has found the mean and standard deviation of the daily balance on personal checking accounts is $550.00 and $150.00, respectively. In addition, the daily balances had been known to be normally distributed. a) How many percents of the bank's customers carry daily balance below $790.00? b) How many percents of the bank's customers carry daily balance between $220.00 and $784.00? c) What percentage of the bank's customers carry daily balance excess $211.00? d) If the bank were consider pay interest to customers who carry daily balances in excess of a certain amount. Assume the banks does not want to pay interest to more than 10.75% of its customers, what is the minimum daily balance needed of which the bank is willing to pay the interest on? e) If the bank were consider charge the service fee to customer who carries daily balances below a certain amount. Assume the bank plan to charge the service fee to 20.05% of its’ customers, what is the maximum daily balances it should charge the service fee on?

Reference no: EM13904260

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