Question: According to the American Automobile Association s 2012 annual report Your
According to the American Automobile Association’s 2012 annual report Your Driving Costs, the cost of owning and operating a four-wheel drive SUV is $11,350 per year (USA TODAY, April 27, 2012). This cost includes expenses for gasoline, maintenance, insurance, and financing for a vehicle that is driven 15,000 miles a year. Suppose that the distribution of such costs of owning and operating all four wheel drive SUVs has a mean of $11,350 with a standard deviation of $2390. Let be the average of such costs of owning and operating a four-wheel drive SUV based on a random sample of 400 four-wheel drive SUVs. Find the mean and standard deviation of the sampling distribution of
Answer to relevant QuestionsThe standard deviation of the 2011 gross sales of all corporations is known to be $139.50 million. Let be the mean of the 2011 gross sales of a sample of corporations. What sample size will produce the standard deviation ...The amounts of electricity bills for all households in a particular city have an approximately normal distribution with a mean of $140 and a standard deviation of $30. Let be the mean amount of electricity bills for a ...If all possible samples of the same (large) size are selected from a population, what percentage of all the sample means will be within 2.5 standard deviations (σ) of the population mean? According to Moebs Services Inc., an individual checking account at U.S. community banks costs these banks between $175 and $200 per year (Time, November 21, 2011). Suppose that the average annual cost of all such checking ...According to a PNC Financial Independence Survey released in March 2012, today’s U.S. adults in their 20s “hold an average debt of about $45,000, which includes everything from cars to credit cards to student loans to ...
Post your question