What is the probability that the mean price

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Reference no: EM13246021

The average price of a gallon of unleaded regular gasoline was reported to be $3.13 in Illinois. Use this price as the population mean, and assume the population standard deviation is $.20.

a. What is the probability that the mean price for a sample of 30 service stations is within $.03 of the population mean?

b. What is the probability that the mean price for a sample of 50 service stations is within $.03 of the population mean?

c. What is the probability that the mean price for a sample of 100 service stations is within $.03 of the population mean?

d. Which, if any of the sample sixes in parts (a),(b),(c) would you recommend to have at least a .95 probability that the sample mean is within $.03 of the population mean?

Reference no: EM13246021

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