The mean capita income is 15,451 dollars per annum with a variance of 298,116. What Is...

The mean capita income is 15,451 dollars per annum with a variance of 298,116.

What Is the probability that the sample mean would differ from the true mean by greater than 22 dollars if a sample of 350 persons is randomly selected? Round answer to dour decimal places.

Solutions

Expert Solution

Solution :

Given that,

mean = = 15451

variance = ²= 298116

standard deviation = = 546

n = 350

= = 15451

= / n = 546 / 350 = 29.1849

P( 15429 < < 15473) = P((15429 - 15451) /29.1849 <( - ) / < (15473 - 15451) / 29.1849))

= P(-0.75 < Z < 0.75)

= P(Z < 0.75) - P(Z < -0.75) Using z table,

= 0.7734 - 0.2266

= 0.5468

Probability = 0.5468

orchestra answered 1 year ago

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