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The number of trades (in thousands) completed daily by an online stock brokerage follows a normal distribution with a mean of 99.8 and a standard
The number of trades (in thousands) completed daily by an online stock brokerage follows a normal distribution with a mean of 99.8 and a standard deviation of 28.1. On average, the brokerage receives $8.26 commission per trade. For samples of size n = 11 days: 1. 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 = C] thousand dollars b) Standard deviation = C] thousand dollars 2. 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 $744,226? C] % b) between $718,142 and $968,898? C] % 3. For the given sample size, what is the minimum average daily commissions receivable from the highest 21.5% volume trading days? Round to the nearest thousand dollars
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