Answered: A bank’s checking account balances are…

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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A bank’s checking account balances are normally distributed with mean $770 and standard deviation $135. Given this, find the following probabilities Suppose a simple random sample of 49 balances is selected. i) What is the mean of the sampling distribution of the mean of samples of size 49 balances? ii) What is the standard deviation of the sampling distribution of the mean of samples of size 49 balances? iii) How is the sampling distribution given in parts i and ii distributed? iv) What proportion of samples of size 49 balances have means between $760 and $810?

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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