3) Suppose the annual savings (in millions of euros) of a specific household is a random variable, which follows the normal distribution with mean μ = 5 and standard deviation o = 1. If we take a random sample of 16 households from the population, what is the probability the sampling mean to be: i) more than 5.5 million euros? ii) between 4.9 and 5.1 million euros?

MATLAB: An Introduction with Applications
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3) Suppose the annual savings (in millions of euros) of a specific household is a
random variable, which follows the normal distribution with mean u = 5 and
standard deviation a = 1. If we take a random sample of 16 households from
the population, what is the probability the sampling mean to be:
i)
more than 5.5 million euros?
ii)
between 4.9 and 5.1 million euros?
Transcribed Image Text:3) Suppose the annual savings (in millions of euros) of a specific household is a random variable, which follows the normal distribution with mean u = 5 and standard deviation a = 1. If we take a random sample of 16 households from the population, what is the probability the sampling mean to be: i) more than 5.5 million euros? ii) between 4.9 and 5.1 million euros?
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