A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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CNNBC recently reported that the mean annual cost of auto insurance is 1025 dollars. Assume the standard deviation is 170 dollars. You will use a simple random sample of 114 auto insurance policies.

Find the probability that a single randomly selected policy has a mean value between 996.3 and 1034.6 dollars.

\[ P(996.3 < X < 1034.6) = \]

Find the probability that a random sample of size \( n = 114 \) has a mean value between 996.3 and 1034.6 dollars.

\[ P(996.3 < M < 1034.6) = \]

Enter your answers as numbers accurate to 4 decimal places.
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Transcribed Image Text:CNNBC recently reported that the mean annual cost of auto insurance is 1025 dollars. Assume the standard deviation is 170 dollars. You will use a simple random sample of 114 auto insurance policies. Find the probability that a single randomly selected policy has a mean value between 996.3 and 1034.6 dollars. \[ P(996.3 < X < 1034.6) = \] Find the probability that a random sample of size \( n = 114 \) has a mean value between 996.3 and 1034.6 dollars. \[ P(996.3 < M < 1034.6) = \] Enter your answers as numbers accurate to 4 decimal places.
Expert Solution
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Step 1

GivenMean(μ)=1025standard deviation(σ)=170sample size(n)=114

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