STATE BANK AND TRUST The director of operations for the State Bank and Trust rec
ID: 3300458 • Letter: S
Question
STATE BANK AND TRUST The director of operations for the State Bank and Trust recently performed a study of the time bank customers spent from the time they walk into the bank until they complete their banking. The data file, State Bank, contains the data for a sample of 1,045 customers randomly observed over a four-week period. The customers in the survey were limited to those who were there for “basic bank business,” such as making a deposit or a withdrawal, or cashing a check. The mean service for the 1,045 customers was 22.14 minutes, with a standard deviation equal to 6.09 minutes which follows a normal distribution. Given these assumptions, the manager is considering providing a gift certificate to a local restaurant to any customer who is required to spend more than 30 minutes in the service process for basic bank business. What is the probability that a a basic transaction takes more than 30 minutes?
Explanation / Answer
= 22.14, = 6.09, x = 30
z = (x - )/ = (30 - 22.14)/6.09 = 1.2906
P(x > 30) = P(z > 1.2906) = 0.0984
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