Checking Accounts a Bank Has Determined That the Monthly Balances of the Balances

question 146

Short Answer

Checking Accounts
A bank has determined that the monthly balances of the checking accounts of its customers are normally distributed with an average balance of $1,200 and a standard deviation of $250. ​ ​
-{Checking Accounts Narrative} What proportion of customers have monthly balances less than $1,000?

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Definitions:

Stocks

Shares of ownership in a company that entitle the holder to a claim on part of the company’s assets and earnings.

Present Value

The current-day worth of an anticipated future money amount or cash flow sequences, calculated using a particular rate of return.

Received

Refers to any amount of money received by a party or business, usually in the context of payments for goods or services.

Annually

Pertaining to an event or activity that occurs once every year.