Math Problem Statement
What is the probability that an SRS of 100 first-time car buyers will purchase a car with a mean price greater than $13,000? A. 0.0832 B. 0.1576 C. 0.2660 D. 0.3140 5. Suppose the starting annual salary of people in the workforce with a high school diploma or less is N($26,000, $5200). If an SRS of 50 people is collected, what is the probability their mean starting annual salary is between $27,000 and $28,000? A. 0.0837 B. 0.1672 С. 0.2504 D. 0.3298
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Normal Distribution
Central Limit Theorem
Probability
Formulas
Standard Deviation of Sample Mean: σ/√n
Z-score: (X̄ - μ) / σₓ̄
Theorems
Central Limit Theorem
Suitable Grade Level
College Statistics or Advanced High School
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