Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CNNBC recently reported that the mean annual cost of auto insurance is 1038 dollars. Assume the standard deviation is 229 dollars, and the cost is

CNNBC recently reported that the mean annual cost of auto insurance is 1038 dollars. Assume the standard deviation is 229 dollars, and the cost is normally distributed. You take a simple random sample of 18 auto insurance policies.Round your answers to 4 decimal places.

  1. What is the distribution ofX?X~ N(,)
  2. What is the distribution ofX?X~ N(,)
  3. What is the probability that one randomly selected auto insurance is more than $1101?
  4. a simple random sample of 18 auto insurance policies, find the probability that the average cost is more than $1101.
  5. For part d), is the assumption of normal necessary?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus Early Transcendentals

Authors: James Stewart

8th edition

1285741552, 9781305482463 , 978-1285741550

More Books

Students also viewed these Mathematics questions

Question

Describe the two data analysis options: visual and statistical.

Answered: 1 week ago