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:

Capital Projects Fund

A governmental accounting fund used to account for financial resources set aside for the acquisition or development of major capital assets.

Governmental Fund Financial Statements

Financial reports that focus on the sources, uses, and balances of governmental funds and provide insight into fiscal accountability.

Proprietary Funds

Funds used by a governmental entity to account for activities similar to those found in private businesses, where the determination of net income, financial position, and changes in financial position is necessary.

For-Profit Organizations

Entities that operate with the primary goal of earning profit, distributing earnings to owners or shareholders.