A Serious Interest Penalty

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 …

…really is only supposed to be used in a large sample. This could alter the results to get false results. A larger sample size needed to be taken, especially to help out with extreme values. It is concluded from the information given in this case that $1500.00 would not meet criteria set by the bank to be the minimum balance, although, it is highly recommended to do the experiment again with a much larger sample size.