Monty buys hats in bulk to sell at his store. His cost for each hate is $17. He marks up the hats 45%. What is the retail price
1 answer:
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Answer:
By the Central Limit Theorem, the average value for all of the sample means is 14.
Step-by-step explanation:
We use the central limit theorem to solve this question.
The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation
, the sample means of size n can be approximated to a normal distribution with mean
and standard deviation, which is also called standard error
If the population mean is μ = 14, then what is the average value for all of the sample means?
By the Central Limit Theorem, the average value for all of the sample means is 14.