8. Hand in United Bank has 450 branches. Management is interested in the average number of business clients (X) a branch has per month. From historical data it was found that there was a mean of 60 business clients per branch per month with a variance of 20. It was also found that about 10% of the branches had no business clients. Answer the following questions. 8.1. What does "a mean of 60 business clients" mean? 8.2. Give the standard deviation of the population. 8.3. Give the variance of the population proportions of the number of business clients per branch per month. 8.4. With a month's worth of data, a simple random sample, with replacement, of 60 branches was drawn and the following result was determined to be X = 100. Explain this in words and in detail.
8. Hand in United Bank has 450 branches. Management is interested in the average number of business clients (X) a branch has per month. From historical data it was found that there was a mean of 60 business clients per branch per month with a variance of 20. It was also found that about 10% of the branches had no business clients. Answer the following questions. 8.1. What does "a mean of 60 business clients" mean? 8.2. Give the standard deviation of the population. 8.3. Give the variance of the population proportions of the number of business clients per branch per month. 8.4. With a month's worth of data, a simple random sample, with replacement, of 60 branches was drawn and the following result was determined to be X = 100. Explain this in words and in detail.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:8. Hand in United Bank has 450 branches. Management is interested in the average number of
business clients (X) a branch has per month. From historical data it was found that there was a
mean of 60 business clients per branch per month with a variance of 20. It was also found that
about 10% of the branches had no business clients.
Answer the following questions.
8.1. What does “a mean of 60 business clients" mean?
8.2. Give the standard deviation of the population.
8.3. Give the variance of the population proportions of the number of business clients per branch
per month.
8.4. With a month's worth of data, a simple random sample, with replacement, of 60 branches
was drawn and the following result was determined to be X = 100.
Explain this in words and in detail.
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