Question: Although some financial institutions do not charge fees for using ATMs, many do. A recent study found the average fee charged by banks to process an ATM transaction was $2.91. The file titled ATM Fees contains a list of ATM fees that might be required by banks.
a. Produce a relative frequency histogram for these data. Does it seem plausible the data came from a population that has an exponential distribution?
b. Calculate the mean and standard deviation of the ATM fees.
c. Assume that the distribution of ATM fees is exponentially distributed with the same mean as that of the sample. Determine the probability that a randomly chosen bank's ATM fee would be greater than $3.00.