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 800 gas​ stations, the mean price for regular gasoline at the pump was $ 2.876 per gallon and the standard deviation was ​$0.008 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 ​$2.872​? The probability that the mean price per gallon is less than ​$2.872 is nothing. ​(Round to four decimal places as​ needed.)

Answer 1

Solution :

Given that ,

mean = = $2.876

standard deviation = = $0.008

n = 45

= $2.876

= / n = 0.008 / 45 = 0.0012

P( < $2.872) = P(( - ) / < (2.872 - 2.876) / 0.0012)

= P(z < -3.33)

= 0.0004

The probability that the mean price per gallon is less than ​$2.872 = 0.0004