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 700 gas​ stations, the mean price for regular gasoline at the pump was $ 2.818 per gallon and the standard deviation was ​$0.008 per gallon. A random sample of size 60 is drawn from this population. What is the probability that the mean price per gallon is less than ​$2.816​? The probability that the mean price per gallon is less than ​$2.816 is nothing. ​(Round to four decimal places as​ needed.)

Answer 1

Solution :

Given that ,

mean = = 2.818

standard deviation = = 0.008

n = 60

= 2.818 and

= / n = 0.008 / 60 = 0.00103

P( < 2.816) = P(( - ) / < (2.816 - 2.818) / 0.00103)

= P(z < -1.94)

= 0.0262 Using standard normal table,

Probability = 0.0262