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Probability that the sample mean

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The average annual cost of automobile insurance is $687 (National Association of Insurance Commissioners, January 2003). Use this value as the population mean and assume that the population standard deviation is σ=$230. Consider a sample of 45 automobile insurance policies.

a. What sample size would you recommend if an insurance agency wanted the sample mean to estimate the population mean within $25?

b. What is the probability that the sample mean is within $100 of the population mean?

Reference no: EM131106813

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