Refer to the Whitner Autoplex data on Connect, which include information on the selling prices of vehicles sold at Rob Whitner’s dealership.
1. Calculate the mean and standard deviation for the selling prices. Assume this to be the population. Develop a histogram of the data. Would it seem reasonable from this histogram to conclude that the population of selling prices follows a normal distribution?
2. Select a sample of 35 selling prices. Calculate the mean of the sample. Determine the likelihood of finding a sample mean that is this large or larger from the population.