Question

As mentioned in Exercise 7.22, 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). Note that 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. Find the probability that for a random sample of 400 four-wheel drive SUVs, the average cost of owning and operating is
a. More than $11,540
b. Less than $11,110
c. $11,250 to $11,600


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  • CreatedAugust 25, 2015
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