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) =

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...
icon
Related questions
Question

solve first part

 

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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON