Question

Determine if the finite correction factor should be used. If​ so, use it in your calculations when you find the probability. In a sample of 900 gas​ stations, the mean price for regular gasoline at the pump was $ 2.873 per gallon and the standard deviation was ​$0.009 per gallon. A random sample of size 50 is drawn from this population. What is the probability that the mean price per gallon is less than ​$2.869​? The probability that the mean price per gallon is less than ​$2.869 is _____. 4 decimal places

Answer 1

Solution :

Given that ,

mean = = $2.873

standard deviation = = $0.009

= / n = 0.009 / 50 = 0.0013

P( < $2.869) = P(( - ) / < (2.869 - 2.873) / 0.0013)   

P(z < -3.0769)

= 0.0010

The probability that the mean price per gallon is less than ​$2.869 is 0.0010