SOLUTION: CNNBC recently reported that the mean annual cost of auto insurance is 1040 dollars. Assume the standard deviation is 293 dollars. You take a simple random sample of 84 auto insura
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Question 1133770: CNNBC recently reported that the mean annual cost of auto insurance is 1040 dollars. Assume the standard deviation is 293 dollars. You take a simple random sample of 84 auto insurance policies.
1. Find the probability that a single randomly selected value is less than 994 dollars.
P(X < 994) = _________
2. Find the probability that a sample of size n=84 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! For 1, z=(x-mean)/sd z<=(994-1040)/293=-0.157
that probability is 0.4376
for 84 the formula is z<=(-46)/293/sqrt(84) which is -46*sqrt(84)/293=-1.44
that probability is 0.0749
