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Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 800 gas stations, the mean price for regular gasoline at the pump was $2.841 per gallon and the standard deviation was $0.009 per gallon. A randor sample of size 55 is drawn from this population. What is the probability that the mean price per gallon is less than $2.838? The probability that the mean price per gallon is less than $2.838 is . (Round to four decimal places as needed.)

Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 800 gas stations, the mean price for regular gasoline at the pump was $2.841 per gallon and the standard deviation was $0.009 per gallon. A randor sample of size 55 is drawn from this population. What is the probability that the mean price per gallon is less than $2.838? The probability that the mean price per gallon is less than $2.838 is . (Round to four decimal places as needed.)

A First Course in Probability (10th Edition)
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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**Transcription and Explanation** **Text:** Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 800 gas stations, the mean price for regular gasoline at the pump was $2.841 per gallon and the standard deviation was $0.009 per gallon. A random sample of size 55 is drawn from this population. What is the probability that the mean price per gallon is less than $2.838? The probability that the mean price per gallon is less than $2.838 is [ ]. (Round to four decimal places as needed.) **Elements on the Page:** - There is a text box for inputting the answer. - Options at the bottom of the page include: - Help Me Solve This - View an Example - Get More Help - A button at the bottom right labeled "Check Answer". **Explanation:** This question involves statistical concepts such as the mean, standard deviation, sample size, and probability. The problem asks whether the finite correction factor should be applied, which is used when the sample size is a significant fraction (usually more than 5%) of the population size. The task is to calculate the probability given a normal distribution of gas prices. To solve it, you would typically: 1. Determine if the finite correction factor is needed, which is calculated as √((N-n)/(N-1)), where N is the population size and n is the sample size. 2. Use the normal distribution to find the probability, potentially adjusting with the finite correction factor.
Transcribed Image Text:**Transcription and Explanation** **Text:** Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 800 gas stations, the mean price for regular gasoline at the pump was $2.841 per gallon and the standard deviation was $0.009 per gallon. A random sample of size 55 is drawn from this population. What is the probability that the mean price per gallon is less than $2.838? The probability that the mean price per gallon is less than $2.838 is [ ]. (Round to four decimal places as needed.) **Elements on the Page:** - There is a text box for inputting the answer. - Options at the bottom of the page include: - Help Me Solve This - View an Example - Get More Help - A button at the bottom right labeled "Check Answer". **Explanation:** This question involves statistical concepts such as the mean, standard deviation, sample size, and probability. The problem asks whether the finite correction factor should be applied, which is used when the sample size is a significant fraction (usually more than 5%) of the population size. The task is to calculate the probability given a normal distribution of gas prices. To solve it, you would typically: 1. Determine if the finite correction factor is needed, which is calculated as √((N-n)/(N-1)), where N is the population size and n is the sample size. 2. Use the normal distribution to find the probability, potentially adjusting with the finite correction factor.
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