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Solved: What Would You Do? You work at a bank and are
Chapter 2, Problem 45EC(choose chapter or problem)
What Would You Do?
You work at a bank and are asked to recommend the amount of cash to put in an ATM each day. You don’t want to put in too much (security) or too little (customer irritation). Here are the daily withdrawals (in hundreds of dollars) for 30 days.
72 84 61 76 104 76 86 92 80 88 98 76 97 82 84
67 70 81 82 89 74 73 86 81 85 78 82 80 91 83
(a) Construct a relative frequency histogram for the data. Use 8 classes.
(b) If you put $9000 in the ATM each day, what percent of the days in a month should you expect to run out of cash? Explain.
(c) If you are willing to run out of cash on 10% of the days, how much cash should you put in the ATM each day? Explain.
Questions & Answers
QUESTION:
What Would You Do?
You work at a bank and are asked to recommend the amount of cash to put in an ATM each day. You don’t want to put in too much (security) or too little (customer irritation). Here are the daily withdrawals (in hundreds of dollars) for 30 days.
72 84 61 76 104 76 86 92 80 88 98 76 97 82 84
67 70 81 82 89 74 73 86 81 85 78 82 80 91 83
(a) Construct a relative frequency histogram for the data. Use 8 classes.
(b) If you put $9000 in the ATM each day, what percent of the days in a month should you expect to run out of cash? Explain.
(c) If you are willing to run out of cash on 10% of the days, how much cash should you put in the ATM each day? Explain.
ANSWER:Step 1 of 4
We have the data of daily withdrawal of money in ATM for 30 days.
72 |
84 |
61 |
76 |
104 |
76 |
86 |
84 |
67 |
70 |
81 |
82 |
89 |
74 |
73 |
83 |
92 |
80 |
88 |
98 |
76 |
97 |
82 |
|
86 |
81 |
85 |
78 |
82 |
80 |
91 |