Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability. In a sample of 700 gas stations, the mean price for regular gasoline at the pump was $2.863 per gallon and the standard deviation was 0.009 per gallon. A random sample of size 45 is drawn from this population. What is the probability that the mean price per gallon is less than 2.859?
Solution :
Given that ,
mean = = $2.863
standard deviation = = $0.009
n = 45
_{} = $2.863 and
_{} = / n = 0.009 / 45 = 0.0013
P( < 2.859) = P(( - _{} ) / _{} < (2.859 - 2.863) / 0.0013)
= P(z < -3.0769)
Using standard normal table,
= 0.001
Probability = 0.001
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