1.The file name Final.xlsx, sheet named Part 4 is kept blank. Use Part 4 sheet to...

1.The file name Final.xlsx, sheet named Part 4 is kept blank. Use Part 4 sheet to answer this question. Put a box around your answers. Round your answer to 4 decimal places.

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000 with a standard deviation of $40,000. Assume the population distribution is normal. A random sample of 100 households is taken.

(a)What is the probability that sample mean will be less than $120,000?

(b)What is the probability that sample mean will be between $105,000 and $120,000?

Expert Solution

orchestra answered 3 years ago

The file name Final.xlsx, sheet named Part 4is kept blank. Use Part 4sheet to answer this...

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