Question

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​?

Answer 1

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