Answer:
Hence the probability of the getting Sample mean and true mean differ greater than by 38 dollars is 0.91621
Step-by-step explanation:
Given:
<em>(The values of mean and the difference in sample mean and true mean is 3838 which not accountable with respect to highly numbered mean </em>
<em>and 0.0001266 standard deviation which is not affected to that value in terms of Z-score and P value</em>)
Hence consider
Mean as =16445 dollars,
Standard deviation=397......(2.41 % which seems valid)
No of persons:208
To Find:
And sample mean and true mean differ by 38 or more
i.e (sample mean -true mean )≥38.
Solution:
So calculate Z value as,
Z=(-38)/(397/Sqrt(208))
=-(38*14.4222)/397
=-1.38042
Now it should be Greater than this value,
Using Z-table we get P value as follows
Hence P(Z≥-1.38042)
=0.91621
Hence the probability of the getting Sample mean and true mean differ greater than by 38 dollars is 0.91621