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In: Statistics and Probability

The average cost of a one-bedroom apartment in a town is $650 per month. What is...

The average cost of a one-bedroom apartment in a town is $650 per month. What is the probability of randomly selecting a sample of 50 one-bedroom apartments in this town and getting a sample mean of less than $630 if the population standard deviation is $100? (Round the values of z to 2 decimal places. Round your answer to 4 decimal places.)

Solutions

Expert Solution

Solution :

Given that ,

mean = = $650

standard deviation = = $100

n = 50

= 650

=  / n = 100 / 50=14.1421

P( <$630 ) = P[( - ) / < (630-650) / 14.1421]

= P(z <-1.41 )

Using z table  

= 0.0793

probability=0.0793

orchestra answered 2 years ago
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