Illustrate what is probability that simple random sample

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Reference no: EM1360621

The mean annual cost of auto insurance is $939.

Assume that the standard deviation is $245.

a.) Illustrate what is the probability htat a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400

b.) What is the advantage of larger sample size when attempting to estimate the population mean?

Reference no: EM1360621

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