Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Compute the combined checking and savings account balance for each record. Then sort the records by the number of months as a customer of

a. Compute the combined checking and savings account balance for each record. Then sort the records by the number of months as a customer of the bank in descending order. Complete the table below with the missing values for the sorted, combined balances.

Loan Purpose

Checking

Savings

Months Customer

Combined Checking and Savings

Business

nbsp 0 0

983983

49

983983

Furniture

657657

732732

4949

13891389

Education

964964

4 comma 7624,762

40

57265726

Small Appliance

6 comma 5356,535

505505

37

70407040

Used Car

nbsp 0 0

122122

31

122122

Repairs

219219

nbsp 0 0

2828

219219

Furniture

nbsp 0 0

1 comma 2281,228

25

12281228

Small Appliance

953953

nbsp 0 0

25

953953

New Car

nbsp 0 0

826826

2525

826826

New Car

nbsp 0 0

382382

19

382382

Business

nbsp 0 0

523523

14

523523

Small Appliance

nbsp 0 0

739739

1313

739739

Furniture

624624

354354

13

978978

New Car

nbsp 0 0

247247

13

247247

New Car

399399

236236

13

635635

New Car

708708

686686

1313

13941394

Furniture

2 comma 9012,901

nbsp 0 0

11

29012901

New Car

nbsp 0 0

3 comma 4683,468

11

34683468

Business

328328

573573

10

901901

Education

281281

12 comma 45312,453

7

1273412734

From examining the data, does it appear that customers with a longer association with the bank have more assets?

There

appears

to be a significant difference because the average amount in combined checking and savings for customers with greater than 24 months (2 years) of association with the bank is

$__________

and the average amount in combined checking and savings for customers with less than or equal to 24 months (2 years) of association with the bank is

$_______

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Auditing

Authors: Basu

1st Edition

8131728854, 978-8131728857

More Books

Students also viewed these Accounting questions