CNNBC recently reported that the mean annual cost of auto insurance is 1001 dollars. Assume the standard deviation is 251 dollars. You take a simple random sample of 56 auto insurance policies. Find the probability that a single randomly selected value is less than 994 dollars. P(X < 994) = Find the probability that a sample of size n=56n=56 is randomly selected with a mean less than 994 dollars. P(M < 994) = Enter your answers as numbers accurate to 4 decimal places.

CNNBC recently reported that the mean annual cost of auto insurance is 1001 dollars. Assume the standard deviation is 251 dollars. You take a simple random sample of 56 auto insurance policies. Find the probability that a single randomly selected value is less than 994 dollars. P(X < 994) = Find the probability that a sample of size n=56n=56 is randomly selected with a mean less than 994 dollars. P(M < 994) = Enter your answers as numbers accurate to 4 decimal places.

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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