Solution-Distribution of the sample mean amount

Distribution of the sample mean amount

Reference no: EM132857474

Burnt Coffee investors are skeptical of the first model, and ask that the company statistician re-run the model using the data from the same 36 purchases, this time without assuming the purchase price is normal. They still believe the mean amount of money spent per purchase will be $4.87, with a standard deviation of $1.50.

1. If the mean and standard deviation are as Burnt Coffee claims, what is probability the sample mean purchase amount would be at least $4.56 (Hint: Central Limit Theorem)

2. How has the distribution of the sample mean amount spent per purchase changed from the one used in the first model?

Reference no: EM132857474

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Distribution of the sample mean amount

Reference no: EM132857474

Reference no: EM132857474

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