A Bank Has Kept Records of the Checking Balances of Its

question 130

Short Answer

A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected.
a.What is the probability that the sample mean will be more than $306.60?
b.What is the probability that the sample mean will be less than $308?
c.What is the probability that the sample mean will be between $302 and $308?
d.What is the probability that the sample mean will be at least $296?

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Definitions:

Exchange Rate

The value at which one currency can be exchanged for another currency, which can be determined by the market or specified by the government.

U.S. Dollars

The official currency of the United States, used as a standard monetary unit for transactions.

Japanese Yen

The official currency of Japan, abbreviated as JPY.

U.S. Dollar

The currency of the United States, used as the standard unit of currency in international markets.