Normal Probability & ANOVA
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4. A bank has kept records of the checking balances of its customers and determined that the average daily balances 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 at least $296?
5. Using the standard normal table, determine P (1.5<z<2)
6. A portion of an ANOVA table is shown in the accompanying table.
Source d.f. S.S. M.S. F
_________________________________________________________
Treatment 4 ? ? ?
Error ? 52.8
__________________________________________________________
Total 29 79.1
Fill in for the question marks (? ) in the ANOVA table. State the null hypothesis. What is your conclusion at ? =0.05.
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Solution Summary
The solution provides step by step method for the calculation of probability using z score and missing values in an ANOVA table. Formula for the calculation and Interpretations of the results are also included.
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4. 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 at least $296?
Answer
Let X be the daily balance of customers with mean µ = 300 and σ = 48. By Central Limit Theorem, . That is, or ~ N (300, 4). We need P ( ≥ 296). Standardizing using and from standard ...
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