The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily bal
Posted: Wed May 11, 2022 10:03 am
The First Chicago Bank is reviewing its service charges
and interest-paying policies on checking accounts. The daily
balance of a checking account is defined to be the balance in the
checking account at 2:00pm.
The bank has found that for all personal checking accounts the
mean of all the daily balances is $ 750 and the standard
deviation is $150.
In addition, the distribution of personal checking account daily
balances can be approximated very well with a normal model.
Question 1. What PERCENTAGE of the bank's
customers carry daily balances between $700 and $1,000?
% (Use 2 decimal places in your answer. Note that the answer is
requested as a PERCENT, that is, a value between 0 and 100)
Example, if you got 0.1234, you should enter it as 12.34
Question 2.The bank is considering paying
interest to customers carrying daily checking account balances in
excess of a certain amount. If the bank does not want to pay
interest to more than 4% of its checking account customers,
what is the minimum daily balance on which it should be willing to
pay interest? (Round your answer to the nearest dollar amount)
and interest-paying policies on checking accounts. The daily
balance of a checking account is defined to be the balance in the
checking account at 2:00pm.
The bank has found that for all personal checking accounts the
mean of all the daily balances is $ 750 and the standard
deviation is $150.
In addition, the distribution of personal checking account daily
balances can be approximated very well with a normal model.
Question 1. What PERCENTAGE of the bank's
customers carry daily balances between $700 and $1,000?
% (Use 2 decimal places in your answer. Note that the answer is
requested as a PERCENT, that is, a value between 0 and 100)
Example, if you got 0.1234, you should enter it as 12.34
Question 2.The bank is considering paying
interest to customers carrying daily checking account balances in
excess of a certain amount. If the bank does not want to pay
interest to more than 4% of its checking account customers,
what is the minimum daily balance on which it should be willing to
pay interest? (Round your answer to the nearest dollar amount)