CNNBC recently reported that the mean annual cost of auto insurance is 1027 dollars. Assume the standard deviation is 243 dollars. You take a simple random sample of 70 auto insurance policies. Find the probability that a single randomly selected value is less than 981 dollars. P(X<981)= Find the probability that a sample of size n = 70 is randomly selected with a mean less than 981 dollars. P(M<981) =
CNNBC recently reported that the mean annual cost of auto insurance is 1027 dollars. Assume the standard deviation is 243 dollars. You take a simple random sample of 70 auto insurance policies. Find the probability that a single randomly selected value is less than 981 dollars. P(X<981)= Find the probability that a sample of size n = 70 is randomly selected with a mean less than 981 dollars. P(M<981) =
MATLAB: An Introduction with Applications
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Author:Amos Gilat
Publisher:Amos Gilat
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Problem 1P
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![### Statistics: Probability Calculations for Auto Insurance Costs
CNNBC recently reported that the mean annual cost of auto insurance is $1027. Assume the standard deviation is $243. You take a simple random sample of 70 auto insurance policies.
#### Task 1: Probability of a Single Randomly Selected Value
Find the probability that a single randomly selected value is less than $981.
\[ P(X < 981) =\ \_\_\_\_ \]
#### Task 2: Probability for a Sample Mean
Find the probability that a sample of size \( n = 70 \) is randomly selected with a mean less than $981.
\[ P(M < 981) = \ \_\_\_\_ \]
Enter your answers as numbers accurate to 4 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e97f72a-1c8d-4466-a361-8c71e85dddcc%2F97542a8f-d03f-40bc-9903-edf88330e127%2Flhp52ty_processed.png&w=3840&q=75)
Transcribed Image Text:### Statistics: Probability Calculations for Auto Insurance Costs
CNNBC recently reported that the mean annual cost of auto insurance is $1027. Assume the standard deviation is $243. You take a simple random sample of 70 auto insurance policies.
#### Task 1: Probability of a Single Randomly Selected Value
Find the probability that a single randomly selected value is less than $981.
\[ P(X < 981) =\ \_\_\_\_ \]
#### Task 2: Probability for a Sample Mean
Find the probability that a sample of size \( n = 70 \) is randomly selected with a mean less than $981.
\[ P(M < 981) = \ \_\_\_\_ \]
Enter your answers as numbers accurate to 4 decimal places.
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