Question

In: Statistics and Probability

CNNBC recently reported that the mean annual cost of auto insurance is 954 dollars. Assume the...

CNNBC recently reported that the mean annual cost of auto insurance is 954 dollars. Assume the standard deviation is 213 dollars. You take a simple random sample of 87 auto insurance policies. Find the probability that a single randomly selected value exceeds 1000 dollars. P(X > 1000) = Find the probability that a sample of size n = 87 is randomly selected with a mean that exceeds 1000 dollars. P(M > 1000) = Enter your answers as numbers accurate to 4 decimal places.

Expert Solution

Refer Standard normal table/Z-table to find the probability or use excel formula "=NORM.S.DIST(0.2160, TRUE)" to find the probability.

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Refer Standard normal table/Z-table to find the probability or use excel formula "=NORM.S.DIST(2.0144, TRUE)" to find the probability.

orchestra answered 2 years ago

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