Sams sells a 5-lb bag of beans for $17.25. How much is the unit price?
1 answer:
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A suitable probability calculator can tell you the probability is about 6.7%.
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The standard deviation of the distribution of sample means is the population standard deviation (6) divided by the square root of the sample size (√144=12). Thus, your threshold is about (19.25-20)/(6/12) = -1.5 standard deviations from the mean.
