You work at a bank and are asked to recommend the amount of cash to put in an ATM each day. You don’t want to put in too much (security) or too little (customer irritation). Here are the daily withdrawals (in 100s of dollars) for a period of 30 days. 72 84 61 76 104 76 86 92 80 88 98 76 97 82 84 67 70 81 82 89 74 73 86 81 85 78 82 80 91 83 (a) Construct a relative frequency histogram for the data using eight classes.
You work at a bank and are asked to
recommend the amount of cash to put in an ATM each day. You don’t
want to put in too much (security) or too little (customer irritation).
Here are the daily withdrawals (in 100s of dollars) for a period of
30 days.
72 84 61 76 104 76 86 92 80 88
98 76 97 82 84 67 70 81 82 89
74 73 86 81 85 78 82 80 91 83
(a) Construct a relative frequency histogram for the data using eight
classes.
(b) If you put $9000 in the ATM each day, what percent of the days in a
month should you expect to run out of cash? Explain your reasoning.
(c) If you are willing to run out of cash for 10% of the days, how much
cash, in hundreds of dollars, should you put in the ATM each day?
Explain your reasoning.
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