CNNBC recently reported that the mean annual cost of auto insurance is 1038 dollars. Assume the standard deviation is 264 dollars. You take a simple random sample of 87 auto insurance policies. Find the probability that a single randomly selected value is less than 998 dollars. P(X < 998) = Find the probability that a sample of size n = 87 is randomly selected with a mean less than 998 dollars. P(M<998) =

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Q: CNNBC recently reported that the mean annual cost of auto insurance is 1027 dollars. Assume the…

A: The provided information is…