A Serious Interest Penalty

A detailed Summary of A Serious Interest Penalty


In this case, a bank, The Western National Bank, is trying to offer free checking benefits to those customers with a minimum balance great enough to do so. The bank's problem is finding the amount the minimum balance should be, as well as meeting certain criteria given in their advertisement. Some details of the criteria are that they would like to be able to claim that the mean account balance exceeds the minimum balance required to qualify for free checking. They also desire that less than half of all accounts have a balance that exceeds the minimum balance required to qualify for free checking. A financial product manager at the bank has made a suggestion of $1,500.00 for the minimum balance. The bank wants to know if $1,500.00 is used as the minimum balance, then would they meet the criteria stated in the advertisement.

In analyzing the given data, it was noted that this problem could be approached by using hypothesis testing. In viewing this case, it was determined that the case was asking two questions which had to be answered by using both proportional hypothesis testing and mean hypothesis testing. By using hypothesis testing, many assumptions had to be made. First of all, both hypot


After plugging in the correct values, and calculating the formula, the result was 8.279. This value was much greater than the value specified as the limit; therefore, the value was rejected in this case.

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Some common words found in the essay are:
National Bank, minimum balance, hypothesis testing, free checking, Serious Penalty, sample size, reject reject, required qualify free, balance exceeds minimum, balance required qualify, exceeds minimum balance, minimum balance required, mean hypothesis, balance required, exceeds minimum, balance exceeds, null hypothesis,

Approximate Word count = 1072
Approximate Pages = 4 (250 words per page double spaced)

Category: Science

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