Answer:
Hannah should select the first option, because she will earn $2,181.48¢ in only ___12__ years, which is sooner than having to wait for ____18__ years and a total of ____$2,325.43¢__ , which is only a little than the first option.
Step-by-step explanation:
Please kindly see the attached file for more explanation
Answer:
0.0091 = 0.91% probability that the sample mean would be less than 48,101 miles in a sample of 281 tires if the manager is correct
Step-by-step explanation:
To solve this question, we need to understand the normal probability distribution and the central limit theorem.
Normal probability distribution:
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
, the sample means with size n of at least 30 can be approximated to a normal distribution with mean
and standard deviation
In this problem, we have that:
What is the probability that the sample mean would be less than 48,101 miles in a sample of 281 tires if the manager is correct?
This is the pvalue of Z when X = 48101. So
By the Central Limit Theorem
has a pvalue of 0.0091
0.0091 = 0.91% probability that the sample mean would be less than 48,101 miles in a sample of 281 tires if the manager is correct