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CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.

CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.
Transcribed Image Text:CNNBC recently reported that the annual cost of auto insurance is normally distributed with a mean of 975 dollars. Assume the standard deviation is 245 dollars. You take a simple random sample of 85 auto insurance policies. (a) Find the probability that a single randomly selected policy is less than 970 dollars. Here I will use u = dollars, and o = dollars PX < 970) = (b) Find the probability that a sample of size n = 85 is randomly selected with a mean less than 970 dollars. Here I will use u = dollars, and Oz = dollars PM < 970) = Round any probabilities to 4 places after the decimal; dollar amounts should be rounded to nearest penny.
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