Let’s assume that Tuskegee Bank has an average balance of $480 and a standard de
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Question
Let’s assume that Tuskegee Bank has an average balance of $480 and a standard deviation of $100 in its checking accounts. What is the probability of a random sample of 100 accounts having a minimum mean balance of $473?
0.9032
0.6915
0.7580
0.2580
0.9332
0.9032
0.6915
0.7580
0.2580
0.9332
The average time it takes for a letter in the United States to reach from one place in the 48 contiguous states to another is 36 days, with a standard deviation of 0.8 days. What is the probability of a letter arriving at is destination to more than three days after mailing? Assume a normal distribution. 0.9772 0.5357 0.3085 0.9699 0.7357Explanation / Answer
Mean ( u ) =480
Standard Deviation ( sd )= 100/ Sqrt(n) = 10
Number ( n ) = 100
Normal Distribution = Z= X- u / (sd/Sqrt(n) ~ N(0,1)
P(X < 473) = (473-480)/100/ Sqrt ( 100 )
= -7/10= -0.7
= P ( Z <-0.7) From Standard NOrmal Table
= 0.242
P(X > = 473) = 1 - P(X < 473)
= 1 - 0.242 = 0.758
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