A nationalized bank has found that the daily balance available in its saving bank accounts follows a normal distribution with a mean of Rs. 500 and a standard deviation of Rs. 50. The percentage of savings account holders who maintain an average daily balance more than Rs. 500 is _______________.
As it is a normal distribution, values more than mean will have 0.5 probability of occurrence. So can I say directly there will be 50% of saving account holders who maintain an average daily balance more than than Rs. 500.
Yes, this follows from the fact that the Normal distribution is symmetric with respect to the mean.