CNBC recently reported that the mean annual cost of auto insurance is $998. Assume the standard deviation is $298.

coexpennan 2020-12-29 Answered

CNBC recently reported that the mean annual cost of auto insurance is $998. Assume the standard deviation is $298.
Find the probability that a single randomly selected value is less than $985.
P(X<985)=?
Write your answers as numbers accurate to 4 decimal places.

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Expert Answer

Derrick
Answered 2020-12-30 Author has 94 answers

Given that
μ=998
σ=298.
The probability that a single randomly selected value is less than $985 is,
P(X<985)=P(Xμσ<985μσ)
=P(z<985998298)
=P(z<0.0436)=0.4826om(, the excel function=NORM.DIST(0.0436,0,1,TRUE))

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