The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006). Assume that the population standard deviation is σ = $245. What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean (P (939-25

The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006). Assume that the population standard deviation is σ = $245. What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean (P (939-25

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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Question

The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006). Assume that the population standard deviation is σ = $245.

What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean (P (939-25 <x-bar<939+25)) for each of the following sample sizes: 30, 50, and 100?

Definition Definition Number of subjects or observations included in a study. A large sample size typically provides more reliable results and better representation of the population. As sample size and width of confidence interval are inversely related, if the sample size is increased, the width of the confidence interval decreases.

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