The cost of gasoline in an area follows an unknown distribution with a mean of $3.79...

The cost of gasoline in an area follows an unknown distribution with a mean of $3.79 and a standard deviation of $0.92. Suppose a random sample of 45 di↵erent gas prices is drawn over a 5 year period.

a) What is the probability that the average price of gas there over those 5 years is less than $3.95?

b) What is the probability that the average price of gas there over those 5 years is more than $4.00.

Expert Solution

orchestra answered 1 year ago

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