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Practice Questions for Business Statistics

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Practice Questions for Business Statistics
a. Is it reasonable that the distribution of checking account balances approximates a normal distribution? Yes. Its reasonable because the sample size is large and and n -( increases the distribution of checking account balances approximates normal distribution.

b. Determine the mean and the standard deviation for the sample of 60 customers.

|Mean = |1516.667 |
|Variance= |2637500 |
|Std dev= |1624.038 |

c. Compare the actual distribution with the theoretical distribution.

|Class Interval |Actual Distribution |Theoretical Distribution |
|0-500 |4 |2 |
|500-1000 |7 |9 |
|1000-1500 |15 |19 |
|1500-2000 |22 |18 |
|2000-2500 |11 |9 |
|2500-3000 |1 |3 |

d. Cite some specific examples and comment on your findings.
|Class Interval |Observed Frequency |Actual frequency |
|60-65 |3 |3 |
|65-70 |21 |31 |
|70-75 |150 |148 |
|75-80 |335 |322 |
|80-85 |326 |319 |
|85-90 |135 |144 |
|90-95 |26 |30 |
|95-100 |4 |3 |
| |
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