In: Statistics and Probability
According to a research institution, the average hotel price in a certain year was $91.85. Assume the population standard deviation is $18.00 and that a random sample of 41 hotels was selected. Complete parts a through d below. a. Calculate the standard error of the mean. sigma Subscript x overbarequals$ nothing (Round to two decimal places as needed.) b. What is the probability that the sample mean will be less than $93? Upper P left parenthesis x overbar less than $ 93 right parenthesisequals nothing (Round to four decimal places as needed.) c. What is the probability that the sample mean will be more than $96? Upper P left parenthesis x overbar greater than $ 96 right parenthesisequals nothing (Round to four decimal places as needed.) d. What is the probability that the sample mean will be between $91 and $92? Upper P left parenthesis $ 91 less than or equals x overbar less than or equals $ 92 right parenthesisequals nothing (Round to four decimal places as needed.) Enter your answer in each of the answer boxes.
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