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.)
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
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