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

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Suppose the annual savings (in millions of euros) of a specific household is a random variable, which follows the normal distribution with mean and standard deviation . If we take a random sample of 16 households from the population, what is the probability the sampling mean to be:

  1. more than 5.5 million euros?
  2. between 4.9 and 5.1 million euros?
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