SOLUTION: CNNBC recently reported that the mean annual cost of auto insurance is 1046. Assume the standard deviation is 221 dollars, and the cost is normally distributed. Take a simple ran

Algebra ->  Distributive-associative-commutative-properties -> SOLUTION: CNNBC recently reported that the mean annual cost of auto insurance is 1046. Assume the standard deviation is 221 dollars, and the cost is normally distributed. Take a simple ran      Log On


   

Question 1182641: CNNBC recently reported that the mean annual cost of auto insurance is 1046.
Assume the standard deviation is 221 dollars, and the cost is normally distributed.
Take a simple random sample of 37 auto insurance policies.
Round answers to 4 decimals places.
What is the probability that one randomly selected auto insurance is less than $1050?
A simple random sample of 37 auto insurance policies, find the probability that the average cost is less than $1050.


Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
For 1, the z < (1050-1046)/221
< 0.018
probability is 0.5072
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for 37 it is 4/(221/sqrt(37))=0.1101
probability z < 0.1101 is 0.5438