Question

The company Dilmart has 8,000 pieces in inventory. The average dollar value of these pieces is $ 10.79 with a standard deviation equal to $ 3.34. Suppose the inventory manager selected a random sample of n = 64 pieces of inventory and found a sample mean equal to $ 11.27. The probability of obtaining a sample mean of at least $ 11.27 is approximately 0.444. Select one: True False

Answer 1

Solution:

Given:

Mean =

Standard Deviation =

Sample Size =n = 64

Sample mean =

We are given that: the probability of obtaining a sample mean of at least $ 11.27 is approximately 0.444 and we have to state whether it is True or False.

Thus find :P( Sample mean is at least $11.27) =.........?

That is find:

Thus find z score:

Thus we get:

Thus look in z table for z = 1.1 and 0.05 and find area.

P( Z < 1.15) =0.8749

Thus

Since this probability is different from 0.444 , thus given statement is False.