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The average annual cost of automobile insurance is $687. Use this value as the population mean and assume that the population standard deviation is funny looking o with line on top = $230. Consider a sample of 45 automobile insurance policies.
a. Show the sampling distribution of line over x where line over x is the sample mean annual cost of automobile insurance.
b. What is the probability that the sample mean is within $100 of the population mean?
c. What is the probability that the sample mean is within $25 of the population mean?
d. What would you recommend if an insurance agency wanted the sample mean to estimate the population mean within + or - $25?
Find out the estimate of the population mean.The mean daily sales at the Stop and Go are $20,000 for a sample of 40 days. The standard deviation of the sample is $3,000.
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a. Is there evidence the mean amount is different from 1.0 gallon (alpha= 0.01)? b. Compute the p-value and interpret its meaning. c. construct a 99% confidence interval estimate of the population mean amount of paint.
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What is the probability that a cereal would either high calorie or high fiber? In other words, what is P(high calorie or high fiber)?
A basketball player shoots 8 free throws during a game. If we assume that each attempt has the same probability of success, the sample space for the number of baskets he/she makes during the game is ??
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