mean cost of a new Sport Utility Vehicle (SUV) has been found to be $42,500 with a standard deviation of $2,500. If a survey of new vehicle purchases is conducted, what is the probability that the mean cost for a new SUV will be within $3,000 of the population mean? Assume the data is normally distributed.

mean cost of a new Sport Utility Vehicle (SUV) has been found to be $42,500 with a standard deviation of $2,500. If a survey of new vehicle purchases is conducted, what is the probability that the mean cost for a new SUV will be within $3,000 of the population mean? Assume the data is normally distributed.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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Question

The mean cost of a new Sport Utility Vehicle (SUV) has been found to be $42,500 with a standard deviation of $2,500. If a survey of new vehicle purchases is conducted, what is the probability that the mean cost for a new SUV will be within $3,000 of the population mean? Assume the data is normally distributed.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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