CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.
CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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![CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975
dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance
policies.
(a) Find the probability that a single randomly selected policy is less than 970 dollars.
Here I will use u =
dollars, and o =
dollars
PX < 970) =
(b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars.
Here I will use u =
dollars, and Oz =
dollars
PM < 970) =
Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F83488ea0-1df9-4b4c-a75a-dbe4b8259eef%2F0c011e8a-992a-46c7-8d70-9525cd107e95%2F0d6jerl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975
dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance
policies.
(a) Find the probability that a single randomly selected policy is less than 970 dollars.
Here I will use u =
dollars, and o =
dollars
PX < 970) =
(b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars.
Here I will use u =
dollars, and Oz =
dollars
PM < 970) =
Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.
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