Question 1128112: An auditor takes a random sample of size n = 36 from a population of 1,000 accounts receivable. The mean value of the accounts receivable for the population is N260:00, with the population standard deviation N45:00. What is the probability that the sample mean will be less than N250.00?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! An auditor takes a random sample of size n = 36 from a population of 1,000 accounts receivable. The mean value of the accounts receivable for the population is N260:00, with the population standard deviation N45:00. What is the probability that the sample mean will be less than N250.00?
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standard deviation of all samples of size 36:: 45/sqrt(36) = 15/2 = 7.5
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z(250) = (250-260)/7.5 = -1.333
P(x-bar < 250) = P(z < -1.333) = normalcdf(-100,-1.333) = 0.091
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Cheers,
Stan H.
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