Question

According to a marketing research firm, the mean ATM withdrawals is $65. Assume the standard deviation...

According to a marketing research firm, the mean ATM withdrawals is $65. Assume the standard deviation for withdrawals is 35. The distribution of all ATM withdrawals is skewed right. If a random sample of 50 ATM withdrawals is chosen, what is the probability the sample mean will be between $72 and $75?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Since the sample size is more than 30

We can assume normality in this case

The following information about the mean and standard deviation has been provided:

We need to compute The corresponding z-values needed to be computed are:

Therefore, the following is obtained:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
ATM Withdrawals According to Crown ATM Network, the mean ATM withdrawal is $67. Assume that the...
ATM Withdrawals According to Crown ATM Network, the mean ATM withdrawal is $67. Assume that the standard deviation for withdrawals is $35. Determine the probability of obtaining a sample mean withdrawal amount between $70 and $75. First determine the standard deviation of the sampling distribution Calculating X-values Press and select Option #3 invNorm( X-value = invNorm(area to the LEFT, mean, std.dev) The combined (verbal + quantitative reasoning) score on the GRE is normally distributed with mean 1049 and standard deviation...
According to a marketing research firm, 31% of people do not own a credit card. If...
According to a marketing research firm, 31% of people do not own a credit card. If a random sample of 208 people are chosen, what is the probability that between 25% and 33% do not own a credit card? (Give your answer with 4 decimals
A population has a mean of 75 and a standard deviation of 32. Suppose a random...
A population has a mean of 75 and a standard deviation of 32. Suppose a random sample size of 80 will be taken. 1. What are the expected value and the standard deviation of the sample mean x ̅? 2. Describe the probability distribution to x ̅. Draw a graph of this probability distribution of x ̅ with its mean and standard deviation. 3. What is the probability that the sample mean is greater than 85? What is the probability...
A random variable is normally distributed with a mean of μ=50 and a standard deviation of...
A random variable is normally distributed with a mean of μ=50 and a standard deviation of σ = 5. a) Sketch a normal curve for the probability density function. Label the horizontal axis with values of 35, 40, 45, 50, 55, 60, and 65. b) What is the probability the random variable will assume a value between 45 and 55? c) What is the probability the random variable will assume a value between 40 and 60? d) Draw a graph...
The Richardson marketing research firm asks you, the analyst, to examine whether the sample of 100...
The Richardson marketing research firm asks you, the analyst, to examine whether the sample of 100 satisfaction ratings provide evidence to support the claim that the population mean u exceeds 50. (a) How is the sample distributed? Why? (b) Assume the population mean u=50, x is all the possible sample means, calculate the mean u(x) for all the possible sample means. (c) Assume the population standard deviation sigma=3.35, x is all the possible sample means, calculate the standard deviation sigma(x)...
The Richardson marketing research firm asks you, the analyst, to examine whether the sample of 100...
The Richardson marketing research firm asks you, the analyst, to examine whether the sample of 100 satisfaction ratings provide evidence to support the claim that the population mean u exceeds 50. (a) How is the sample distributed? Why? (b) Assume the population mean u=50, x is all the possible sample means, calculate the mean u(x) for all the possible sample means. (c) Assume the population standard deviation sigma=3.35, x is all the possible sample means, calculate the standard deviation sigma(x)...
1. The Richardson marketing research firm asks you, the analyst, to examine whether the sample of...
1. The Richardson marketing research firm asks you, the analyst, to examine whether the sample of 100 satisfaction ratings provide evidence to support the claim that the population mean u exceeds 50. (a) How is the sample distributed? Why? (b) Assume the population mean u=50, x is all the possible sample means, calculate the mean u(x) for all the possible sample means. (c) Assume the population standard deviation sigma=3.35, x is all the possible sample means, calculate the standard deviation...
1) For a sample mean of 70 and a standard deviation of 6 under a normal...
1) For a sample mean of 70 and a standard deviation of 6 under a normal distribution, find: a) The % of data values below 72 b) The % of data values between 65 and 75 c) The % of data values above 80
Assume the heights of men are normally distributed, with mean 73 inches and standard deviation 4...
Assume the heights of men are normally distributed, with mean 73 inches and standard deviation 4 inches. If a random sample of nine men is selected, what is the probability that the mean height is between 72 and 74 inches? (Use 3 decimal places.)
A random sample is drawn from a population with mean μ = 72 and standard deviation...
A random sample is drawn from a population with mean μ = 72 and standard deviation σ = 6.0. [You may find it useful to reference the z table.] a. Is the sampling distribution of the sample mean with n = 17 and n = 45 normally distributed? Yes, both the sample means will have a normal distribution. No, both the sample means will not have a normal distribution. No, only the sample mean with n = 17 will have...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT