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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 85.1 and a standard
The number of trades [in thousands} completed daily by an online stock brokerage follows a normal distribution with a mean of 85.1 and a standard deviation of 29.5. On average. the brokerage receives $136 commission per trade. For samples of size n. = l days: 1. Determine the mean and standard deviation of the sampling distribution of the sample mean dailyr 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. llI'|.|'hat is the probability that the mean daily commissions received is a] IE'SS than $55?,152? C] l In} between $533,352 and $?1|1240? C] 955 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. C]
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