Solution-Probability of getting a sample average cost

Probability of getting a sample average cost

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Reference no: EM131056860

A particular car costs an average of $17,755 in New South Wales. The standard deviation of prices is $650. Suppose a random sample of 30 dealerships in Sydney and Newcastle is taken, and their managers are asked what they charge for this car. What is the probability of getting a sample average cost of less than $17,500? Assume that only 120 dealerships in all of New South Wales sell this car.

P(x) =?

Round all z values to 2 decimal places. Round all intermediate calculations and answer to 4 decimal places.

The tolerance is +/- 0.0001

Reference no: EM131056860

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Probability of getting a sample average cost

Reference no: EM131056860

Reference no: EM131056860

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