CNNBC recently reported that the mean annual cost of auto insurance is 966 dollars. Assume the standard deviation is 243 dollars. You take a simple random sample of 87 auto insurance policies. Find the probability that a single randomly selected value is less than 973 dollars. P(X < 973) = Find the probability that a sample of size n = 87 is randomly selected with a mean less than 973 dollars. P(8< 973) = 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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CNNBC recently reported that the mean annual cost of auto insurance is 966
dollars. Assume the standard deviation is 243 dollars. You take a simple random
sample of 87 auto insurance policies.
Find the probability that a single randomly selected value is less than 973 dollars.
P(X < 973) =
Find the probability that a sample of size n
= 87 is randomly selected with a
mean less than 973 dollars.
P(8< 973) =
Enter your answers as numbers accurate to 4 decimal places.
Transcribed Image Text:CNNBC recently reported that the mean annual cost of auto insurance is 966 dollars. Assume the standard deviation is 243 dollars. You take a simple random sample of 87 auto insurance policies. Find the probability that a single randomly selected value is less than 973 dollars. P(X < 973) = Find the probability that a sample of size n = 87 is randomly selected with a mean less than 973 dollars. P(8< 973) = Enter your answers as numbers accurate to 4 decimal places.
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