CNNBC recently reported that the mean annual cost of auto insurance is 1035 dollars. Assume the...

CNNBC recently reported that the mean annual cost of auto insurance is 1035 dollars. Assume the standard deviation is 275 dollars. You take a simple random sample of 54 auto insurance policies.

Find the probability that a sample of size n=54 is randomly selected with a mean less than 989 dollars.
P(M < 989) =

Expert Solution

P(M < 989)

= P((M - )/() < (989 - )/())

= P(Z < (989 - 1035)/(275/))

= P(Z < -1.23)

= 0.1093

orchestra answered 2 years ago

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