26. The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006). Assume that the...

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26. The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006).

Assume that the standard deviation is σ $245.

a. What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400?

b. What is the advantage of a larger sample size when attempting to estimate the population mean?

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Essentials Of Statistics For Business And Economics

ISBN: 9780324568608

5th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams

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Question Posted: Nov 06, 2024 06:00 AM

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26. The mean annual cost of automobile insurance is $939 (CNBC, February 23, 2006). Assume that the...

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