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 991 dollars. Assume the standard deviation is 201 dollars, and the cost is

CNNBC recently reported that the mean annual cost of auto insurance is 991 dollars. Assume the standard deviation is 201 dollars, and the cost is normally distributed. You take a simple random sample of 40 auto insurance policies. Round your answers to 4 decimal places.

  1. What is the distribution of XX? XX ~ N(,)
  2. What is the distribution of xx? xx ~ N(,)
  3. What is the probability that one randomly selected auto insurance is less than $946?
  4. a simple random sample of 40 auto insurance policies, find the probability that the average cost is less than $946.
  5. For part d), is the assumption of normal necessary? NoYes

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_2

Step: 3

blur-text-image_3

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

Social And Economic Networks

Authors: Matthew O Jackson

1st Edition

140083399X, 9781400833993

More Books

Students also viewed these Mathematics questions

Question

What is A free product or gift?

Answered: 1 week ago