Question: A January 2010 article on money cnn com reported that the average
A January 2010 article on money.cnn.com reported that the average monthly cable bill in the United States was $75. The article also stated that the annual percentage increase in the average monthly cable bill is 5% http://money.cnn.com/2010/01/06/news/companies/cable_bill_cost_increase/index.htm). Suppose that the current distribution of all monthly cable bills in the United States is approximately normal with a mean of $82.69 and a standard deviation of $11.17. Let be the average monthly cable bill for 23 randomly selected U.S. households with cable. Find the mean and standard deviation of , and comment on the shape of its sampling distribution.
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