document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1181518>Question 1181518</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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.\r<BR>\n" );
document.write( "\n" );
document.write( "Find the probability that a single randomly selected value is less than 994 dollars. \r<BR>\n" );
document.write( "\n" );
document.write( "P(X < 994) = \r<BR>\n" );
document.write( "\n" );
document.write( "Find the probability that a sample of size  n=62 is randomly selected with a mean less than 994 dollars. \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "P(M < 994) = \r<BR>\n" );
document.write( "\n" );
document.write( "Enter your answers as numbers accurate to 4 decimal places. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #811468 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=811468\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> that probability is z < (x bar-mean)/sigma/sqrt(n)<BR>\n" );
document.write( "z < (994-1027)/283/sqrt(62)<BR>\n" );
document.write( "z < -33*sqrt(62)/283 or z < -0.918<BR>\n" );
document.write( "that probability is 0.1793 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );