Question
A mean undergraduate cost for tuition, fees, room, and board for four-year institutions was $26,489 for...
A mean undergraduate cost for tuition, fees, room, and board for four-year institutions was $26,489 for a recent academic year. Suppose that the population standard deviation equals $3,204 and 36 four-year institutions are randomly selected.
Find the probability that the sample mean cost for these 36 schools is between $25,000 and $26,000.
Homework Answers
Answer #1
Solution :
Given that,
mean = 
= $26489
standard deviation = 
= $3204
=
/ 
n = 3204 /
34 =534
= P[(25000 - 26489) / 534< (
-
)
/
< (26000 - 26489) /534 )]
= P(-2.79 < Z < -0.92)
= P(Z < -0.92) - P(Z < -2.79)
= 0.1788 - 0.0026 = 0.1762
Probability = $0.1762
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