A bank has determined that the monthly balances of the checking accounts of its customers are normally distributed with an average balance of $1,200 and a standard deviation of $250. What proportion of customers have monthly balances less than $1,000? What proportion of customers have monthly balances more than $1,125? What proportion of customers have monthly balances between $950 and $1,075?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A bank has determined that the monthly balances of the checking accounts of its customers are
What proportion of customers have monthly balances less than $1,000? What proportion of customers have monthly balances more than $1,125? What proportion of customers have monthly balances between $950 and $1,075?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
