The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily bal

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The First Chicago Bank Is Reviewing Its Service Charges And Interest Paying Policies On Checking Accounts The Daily Bal 1 (28.3 KiB) Viewed 34 times

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 $125. 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) dollars