French Hart
11/18/2023 · Junior High School
CNNBC recently reported that the mean annual cost of auto insurance is 1047 dollars. Assur the standard deviation is 291 dollars. You take a simple random sample of 64 auto insurance policies. Find the probability that a single randomly selected value is less than 991 dollars. \( P(x<991)= \) Find the probability that a sample of size \( n=64 \) is randomly selected with a mean less tha 991 dollars. \( P(\bar{x}<991)= \)
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The probability that a single randomly selected value is less than 991 dollars is approximately 0.4236. The probability that a sample of size 64 has a mean less than 991 dollars is approximately 0.0618.
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