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A local bank has determined that the daily balances of the checking accounts of its customers are normally distributed with an average of $280 and a standard deviation of $20.
a.What percentage of its customers has daily balances of more than $275?
b.What percentage of its customers has daily balances less than $243?
c.What percentage of its customers' balances is between $241 and $301.60?
SST
Total Sum of Squares, a measure used in statistics to quantify the variance in a dataset.
SSE
Sum of Squares due to Error, a measure of the discrepancy between the data and an estimation model, reflecting the unexplained variance within the model.
Expected Yearly Income
An estimation of the amount of money one is anticipated to earn over the course of a year.
Multiple Regression
An approach in statistics utilizing multiple independent variables to forecast the outcome of a target variable.
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