A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected. What is the probability that the sample mean will be more than $306.60? 0.049 1 0.55 0.88 Answer Sample: n= Mean= SD= Probability[P(X>)]= z= Probability[P(Z)]= Graph

A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected. What is the probability that the sample mean will be more than $306.60? 0.049 1 0.55 0.88 Answer Sample: n= Mean= SD= Probability[P(X>)]= z= Probability[P(Z)]= Graph

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section10.2: Probability Distributions For Input Variables

Problem 2P: Use Excels functions (not @RISK) to generate 1000 random numbers from a normal distribution with...

See similar textbooks

Similar questions

4.1 TYPES OF RANDOM VARIABLES. Which of the following describe continuous random variables? Which describe discrete random variables? The number of newspapers sold by the New York Times each month The amount of ink used in printing a Sunday edition of the New York Times The actual number of ounces in a 1-gallon bottle of laundry detergent The number of defective parts in a shipment of nuts and bolts The number of people collecting unemployment insurance each month
(29) Please calculate the standard deviation for the following. Please round to 2 decimals (if answer is 10% please answer 10.00) State of nature Eret A B C D 5.50% 8% -2% 3.60% Probability 14% ? 31% 48%
4. ABC Dog Food Company located in Ottawa sells large bags of dog food to warehouse clubs. ABC uses an automatic filling process to fill the bags. Weights of the filled bags are approximately normally distributed with a mean of 50 kilograms and a standard deviation of 1.25 kilograms. (a) What is the probability that a filled bag will weigh less than 49.5 kilograms? (b) What is the probability that a randomly sampled filled bag will weigh between 48.5 and 51 kilograms? (c) What is the minimum weight a bag of dog food could be and remain in the top 15% of all bags filled? (d) ABC is unable to adjust the mean of the filling process. However, it is able to adjust the standard deviation of the filling process. What would the standard deviation need to be so that 2% of all filled bags weigh more than 52 kilograms?
Given a normal distribution with μ= 105 and σ = 20, and given you select a sample of n = 16, complete parts (a) through (d). a. What is the probability that X is less than 92? P(X<92) 0.0047 (Type an integer or decimal rounded to four decimal places as needed.) b. What is the probability that X is between 92 and 93.5? P(92 X 93.5)= 0.0061 (Type an integer or decimal rounded to four decimal places as needed.) c. What is the probability that X is above 105.2? P(X 105.2)= 0.4840 (Type an integer or decimal rounded to four decimal places as needed.) d. There is a 67% chance that X is above what value? X = (Type an integer or decimal rounded to two decimal places as needed.)
Fortune magazine conducted a survey to learn about the subscribers in the United States and Canada. One survey question asked the value of subscribers' investment portfolios. The following percent frequency distribution was prepared from responses to this question: Value of Investment Percent Frequency <$25,000 17 $25,000-$49,999 9 $50,000-$99,999 12 $100,000-249,999 20 $250,000-499,999 13 $500,000-999,999 13 $1,000,000 or over 16 The percent frequency distribution is based on 816 responses. How many of the respondents reported having investments of $100,000 to $249,999? (Round to nearest whole number)
Please do not give solution in image format thanku
The average weekly earnings of bus drivers in a city are $950 (that is μ) with a standard deviation of $45 (that is σ). Assume that we select a random sample of 81 bus drivers. What is the probability that the sample mean will be greater than $960? (Keep 4 digits of the result)
The average weekly earnings of bus drivers in a city are $950 (that is μ) with a standard deviation of $45 (that is σ). Assume that we select a random sample of 81 bus drivers. What is the probability that the sample mean will be greater than $960? 0.99 0.66 0.023 1 Sample: n= Mean= SD= Probability[P(X>)]= z= Probability[P(Z)]= Answer: Graph:
An industrial process that makes 3-foot sections of plasticpipe produces pipe with an average inside diameter of 1 inch and a standard deviation of .05 inch.a. If you randomly select one piece of pipe, what is the probability that its inside diameter willexceed 1.02 inches, assuming the population is normal?b. If you select a random sample of 25 pieces of pipe, what is the probability that the sample meanwill exceed 1.02 inches?μ = 1.00, σ = .05
Q) The FDA is responsible for meat and poultry, but if a food product has less than 3% of meat, then the USDA is responsible for it. Select one: True False solve it early with explanation
If two variables are highly correlated, does this imply that changes in one cause changes in the other? If not, give at least one example from the real world that illustrates what else could cause a high correlation.
2. A beverage company would like to use a mean chart to monitor how much liquid beverage it puts into each 500-ml bottle. They know from experience that whenever this process is under control, bottle weight is normally distributed with a mean of 500 ml and a standard deviation of 2 ml. The company plans to measure samples of 30 bottles from the production lineevery hour and record the mean weight of liquid beverage in the bottles. If the company uses z = 3 as its standard for establishing the mean chart, where will the upper and lower control limits be on the chart? (Noteshaper: Scenario #28)