CNNBC recently reported that the mean annual cost of auto insurance is 999 dollars. Assume the...

CNNBC recently reported that the mean annual cost of auto insurance is 999 dollars. Assume the standard deviation is 299 dollars. You take a simple random sample of 67 auto insurance policies.

Find the probability that a single randomly selected value is at least 963 dollars. P(X > 963) =

Find the probability that a sample of size n = 67 is randomly selected with a mean that is at least 963 dollars. P(M > 963) =

Expert Solution

We have given

Where Z is standard normal variable..

Then we will have

orchestra answered 2 years ago

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