**Understanding Auto Insurance Costs**CNNBC recently reported that the mean annual cost of auto insurance is 1038 dollars. Assume the standard deviation is 264 dollars. You take a simple random sample of 87 auto insurance policies.**Question 1: Single Value Probability**Find the probability that a single randomly selected value is less than 998 dollars.\[ P(X < 998) = \]**Question 2: Sample Mean Probability**Find the probability that a sample of size \( n = 87 \) is randomly selected with a mean less than 998 dollars.\[ P(M < 998) = \]To solve these problems, we use the properties of the normal distribution.

Answered: CNNBC recently reported that the mean…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A simple random sample of 36 observations was taken from a large population. The sample mean and the standard deviation was determined to be 80 and 12 respectively. What is the standard error of the mean?
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