Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
Sagot :
Using the normal distribution, the probability that a single randomly selected value is less than 971 dollars is 0.2123.
In the given question,
CNNBC recently reported that the mean annual cost of auto insurance is 1007 dollars.
The standard deviation is 241 dollars.
We take a simple random sample of 99 auto insurance policies.
We have to find the probability that a single randomly selected value is less than 971 dollars.
From the question,
Mean = 1107 dollars
Standard Deviation = 241 dollars
So the probability that a single randomly selected value is less than 971 dollars.
Using the normal distribution
z = (x−mean)/Standard Deviation
P(x<971) = P(z<(973−1107)/241)
Simplifying
P(x<971) = P(z<(−134)/241)
P(x<971) = P(z<−0.56)
P(x<971) = 0.2123
Hence, the probability that a single randomly selected value is less than 971 dollars is 0.2123.
To learn more about normal distribution link is here
https://brainly.com/question/15103234
#SPJ4
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.