The manager in the local bank discovers that people come in to cash their paychecks on Friday.
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The manager in the local bank discovers that people come in to cash their paychecks on Friday. The amount of money withdrawn on Friday follows a normal distribution with 5 million as the mean and 1 million as the standard deviation. The bank manager wants to make sure that the amount of money in the bank can cover 99.9 % of the Friday withdrawals. What is the minimum amount of money he or she should plan to have on hand?
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To solve this problem we should use the concept of Zscores in statistics A Zscore is a measure of ho...View the full answer
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Sultan Ghulam Dastgir
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Related Book For 
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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