Question
1. CNNBC recently reported that the mean annual cost of auto insurance is 992 dollars. Assume the standard deviation is 153 dollars. You will use
1. CNNBC recently reported that the mean annual cost of auto insurance is 992 dollars. Assume the standard deviation is 153 dollars. You will use a simple random sample of 124 auto insurance policies. Find the probability that a single randomly selected policy has a mean value between 989.3 and 994.7 dollars. P(989.3 < X < 994.7) = Find the probability that a random sample of size n=124 has a mean value between 989.3 and 994.7 dollars. P(989.3 < M < 994.7) =
2. CNNBC recently reported that the mean annual cost of auto insurance is 1035 dollars. Assume the standard deviation is 234 dollars. You take a simple random sample of 70 auto insurance policies. Find the probability that a single randomly selected value is less than 1000 dollars. P(X < 1000) = Find the probability that a sample of size n=70 is randomly selected with a mean less than 1000 dollars. P(M < 1000) = Enter your answers as numbers accurate to 4 decimal places.
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