SOLUTION: CNNBC recently reported that the mean annual cost of auto insurance is 1027 dollars. Assume the standard deviation is 283 dollars. You take a simple random sample of 62 auto insura

Question 1181518: CNNBC recently reported that the mean annual cost of auto insurance is 1027 dollars. Assume the standard deviation is 283 dollars. You take a simple random sample of 62 auto insurance policies.
Find the probability that a single randomly selected value is less than 994 dollars.
P(X < 994) =
Find the probability that a sample of size n=62 is randomly selected with a mean less than 994 dollars.

P(M < 994) =
Enter your answers as numbers accurate to 4 decimal places.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
that probability is z < (x bar-mean)/sigma/sqrt(n)
z < (994-1027)/283/sqrt(62)
z < -33*sqrt(62)/283 or z < -0.918
that probability is 0.1793
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