Lorenzo Is Considering Two Banks for His Checking Account

question 28

Essay

Lorenzo is considering two banks for his checking account.Suny Bank requires a minimum deposit of $100,charges a monthly fee of $8,plus 5 cents a check.Merchants Bank also requires a minimum deposit of $100,charges no monthly fee,but a per check charge of 15 cents.How many checks would Lorenzo need to write each month to make Suny Bank cheaper to use than Merchants?
(a)Over 50
(b)Over 60
(c)Over 70
(d)Over 80

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Definitions:

Standard Deviation

A measure of the dispersion or spread of a set of data points relative to its mean, indicating how much the values in the data set vary from the average.

Normally Distributed

Describes a data set whose distribution forms a symmetric, bell-shaped curve around the mean.

Top 10%

A term used to denote the upper 10 percentile of a data set or distribution, representing values higher than 90% of the others.

Hypothesized Population Mean

A specific value that represents the average outcome we propose or expect for a population in hypothesis testing.