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Word Count: 808
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 banks 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 150000 for the minimum balance The bank wants to know if 150000 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 hypotheses had to be made It also had to be concluded what values were to be considered a failure or a correct value A bell curve had to be drawn for both hypotheses to illustrate and more clearly see the data After more clearly representing the data on the graph it was analyzed to determine if the calculated values fell within the given intervals The first step in the problem is to understand that the case is asking two questions one which was a proportion and the other which was a mean value In understanding this two different problems had to be approached in solving the original problem
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