A local bank reported to the federal government that its 5,246 saving accounts have a meanof $1,000 and standard deviationof $240. Government auditors have asked to randomly sample 64 of the bank’s accounts to assess the reliability of the mean balance reported by the bank. If the bank information is correct, what is the probabilitythat the sample mean balance would be less than $928?
The solution gives detaield steps on calculating probabilities for normally distributed data. All formula and calculations are shown and explained.