A Bank Has Determined That the Monthly Balances of the Saving

question 112

Short Answer

A bank has determined that the monthly balances of the saving accounts of its customers are normally distributed, with an average balance of $1200 and a standard deviation of $250. What proportions of the customers have monthly balances:
a. less than $1000?
b. more than $1125?
c. between $950 and $1075?

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Definitions:

Capital Stock

The total amount of physical and financial assets owned by a business or country, including buildings, machinery, equipment, and shares.

Labor Productivity

The measure of economic performance that compares the amount of goods and services produced with the number of labor hours used to produce them.

Per-Worker Production Function

A mathematical function that represents output per worker as a function of capital per worker or other inputs.

Labor Productivity

This term refers to the amount of goods and services produced per hour worked, indicating the efficiency of labor in the economy.