First Dougherty Bank has contracted with your consulting group to understand more about the transaction activity within their checking accounts. They have asked you to analyze their data. They have printed out a report with the following information about their checking account:Average daily balance of all customers is $300.Standard deviation is $48.Based on that information answer the following questions assuming you perform a random sample of 144 checking accounts:What is the probability that the sample mean will be more than $306.60?What is the probability that the sample mean will be less than $308?What is the probability that the sample mean will be between $302 and $308?What is the probability that the same mean will be at least $296?

Let X be the random variable from normal distribution with average or mean (μ) = $300, standard…

Answered: out a report with the following…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.3: Measures Of Spread

Problem 11PPS

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First Dougherty Bank has contracted with your consulting group to understand more about the transaction activity within their checking accounts. They have asked you to analyze their data. They have printed out a report with the following information about their checking account:

Average daily balance of all customers is $300.
Standard deviation is $48.

Based on that information answer the following questions assuming you perform a random sample of 144 checking accounts:

What is the probability that the sample mean will be more than $306.60?
What is the probability that the sample mean will be less than $308?
What is the probability that the sample mean will be between $302 and $308?
What is the probability that the same mean will be at least $296?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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