An article titled Youre paying record ATM fees by Kathryn Vasel states that the average ATM fee
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An article titled “You’re paying record ATM fees” by Kathryn Vasel states that the average ATM fee banks charge nonbank customers is $4.52 per transaction
(source: http://money.cnn.com, Oct. 5, 2015). The file titled ATM Fees contains the ATM fees paid by a sample of individuals.
a. Calculate the mean and standard deviation of the ATM fees.
b. Assume that the ATM fees are exponentially distributed with the same mean as that of the sample. Determine the probability that a randomly chosen bank’s ATM fee would be greater than $3.00.
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Related Book For
Business Statistics
ISBN: 9781292220383
10th Global Edition
Authors: David Groebner, Patrick Shannon, Phillip Fry
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