A bank in a small town has to stock its single automated teller machine (ATM) with cash at the beginning of each day. Based on thousands of transactions in the past year, they know that the average amount of money requested by a customer is $87.00 with a standard deviation of $52.00. The distribution of money requested is strongly skewed to the right. The bank estimates that there will be 50 customer requests for cash from the ATM each day. The bank is trying to decide how much total cash should be stocked in the machine at the beginning of each day.
Explain what the problem means when it says "The distribution of money requested is strongly skewed to the right." within the context of this problem
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Question 2
2.
x̄ is the average amount of money requested at the ATM by 50 random customers,
Is the sampling distribution of x̄ normally distributed?
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Question 3
3.
How do you know?
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Question 4
4.
Calculate the probability that a random sample of 50 customer requests for cash would require a total of $5000 or more (an average request of $100 per customer).
Round to the nearest Hundredth
If we are comparing two separate populations by subtracting their means, the process is similar.
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Question 5
5.
Is the sampling distribution for \bar{x_M}-\bar{x_F} normally distributed?
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Question 6
6.
How do you know?
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Question 7
7.
Find the mean of the sampling distribution of \bar{x_M}-\bar{x_F}
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Question 8
8.
What condition do we need to check before calculating Standard Deviation? Is the condition met?
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Question 9
9.
Calculate the standard deviation of \bar{x_M}-\bar{x_F}
Round to the nearest Hundredth
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Question 10
10.
Interpret the standard deviation of \bar{x_M}-\bar{x_F}
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Question 11
11.
Round to the nearest hundredth
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Question 12
12.
Is the sampling distribution of \bar{x} for SRSs of size n=5 from Davis' iPod normally distributed?
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Question 13
13.
Explain.
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Question 14
14.
Is the sampling distribution of \bar{x} for SRSs of size n=100 from Davis' iPod normally distributed?
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Question 15
15.
Explain.
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Question 16
16.
How do you know that the sampling distribution for 1000 policies is normally distributed?
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Question 17
17.
Round to the nearest Hundredth
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Question 18
18.
Which one is more likely?
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Question 19
19.
Why?
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Question 20
20.
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Question 21
21.
Round to the nearest Thousandth
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Question 22
22.
Round to the nearest Hundredth
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Question 23
23.
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Question 24
24.
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Question 25
25.
Calculate the standard deviation of the sampling distribution
Round to the nearest Hundredth
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Question 26
26.
Round to the nearest Hundredth
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1
Question 27
27.
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Question 28
28.
Explain
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Question 29
29.
Are there any problems above that you would like to go over in class? Indicate the question numbers below (Numbers refer to the Formative question number). I'll try to cover anything that is highly requested.