Question
Find the probability and interpret the results. If convenient, use technology to find the probability. During a certain week the mean price of gasoline was
Find the probability and interpret the results. If convenient, use technology to find the probability. During a certain week the mean price of gasoline was $2.707
per gallon. A random sample of 38 gas stations is drawn from this population. What is the probability that the mean price for the sample was between $2.696
and $2.721 that week? Assume =$0.041
Please use the standard normal table.
The probability that the sample mean was between $2.696 and $2.721 is _______ (Round to four decimal places as needed.)
Interpret the results. Choose the correct answer below.
A. About 93% of samples of 38 gas stations that week will have a mean price between$2.696 and $2.721.
B. About 7% of the population of 38 gas stations that week will have a mean price between $ 2.696 and $2.721.
C. About 7% of samples of 38 gas stations that week will have a mean price between $ 2.696 and $2.721.
D. About 93% of the population of 38 gas stations that week will have a mean price between $ 2.696 and $2.721.
Choose the correct your answer(s).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started