Your text suggests that you look for an agent who has been in the insurance business for how long?
2 answers:
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Answer:
There is a 92.32% probability that the sample mean would differ from the population mean by less than 633 miles in a sample of 49 tires if the manager is correct.
Step-by-step explanation:
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
Central Limit Theorem
The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation
, a large sample size can be approximated to a normal distribution with mean \mu and standard deviation
In this problem, we have that:
The operation manager at a tire manufacturing company believes that the mean mileage of a tire is 33,208 miles, with a standard deviation of 2503 miles.
This means that .
What is the probability that the sample mean would differ from the population mean by less than 633 miles in a sample of 49 tires if the manager is correct?
This is the pvalue of Z when subtracted by the pvalue of Z when
By the Central Limit Theorem, we have t find the standard deviation of the sample, that is:
So
X = 33841
has a pvalue of 0.9616
X = 32575
has a pvalue of 0.0384.
This means that there is a 0.9616 - 0.0384 = 0.9232 = 92.32% probability that the sample mean would differ from the population mean by less than 633 miles in a sample of 49 tires if the manager is correct.