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Assume that individual daily wages of taxi drivers are described as a random variable (X) that...

Assume that individual daily wages of taxi drivers are described as a random variable (X) that is normally distributed with parameters (µ = 85, σ = 20). A sample of n = 4 drivers was selected at random and Y = X¯ represents the sample mean, Y = X¯ = 1/4 · [X1 + X2 + X3 + X4]

1. Find the chance that sample average (Y ) would be at least 70 and not exceeding 90

2. Evaluate probability that sample average (Y ) would be at least 95 dollars per day?

3. Find the value of y, such that only 10% of the population of Y -values would be below this level

4. Find the value of y, such that only 5% of the population of Y -values would exceed this value.

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