The number of trades (in thousands) completed daily by an online stock brokerage follows a normal distribution
Fantastic news! We've Found the answer you've been seeking!
Question:
The number of trades (in thousands) completed daily by an online stock brokerage follows a normal distribution with a mean of 108.2 and a standard deviation of 24.8. On average, the brokerage receives $7.87 commission per trade. For samples of size n=18=18 days:
- Determine the mean and standard deviation of the sampling distribution of the sample mean daily commissions received (in thousand dollars) accurate to 3 decimal places: a) Mean = Correct thousand dollars b) Standard deviation = Correct thousand dollars
- Determine the following probabilities (as percentages) accurate to one (1) decimal place.
What is the probability that the mean daily commissions received is
- a) less than $785,426? %% b) between $777,556 and $955,418? %%
- For the given sample size, what is the maximum average daily commissions receivable from the lowest 4% volume trading days?
Round to the nearest thousand dollars.
Posted Date: