Determine if the finite correction factor should be used. If so, use it in your

Question

Determine if the finite correction factor should be used. If so, use it in your calculations when you find the probability In a sample of 800 gas stations, the mean price for regular gasoline at the pump was $2.813 per gallon and the standard deviation was $0.009 per gallon. A random sample of size 55 is drawn from this population. What is the probability that the mean price per gallon is less than $2.811? The probability that the mean price per gallon is less than $2.811 is (Round to four decimal places as needed.)

Explanation / Answer

Solution:-   The probability that the mean price per gallon is less than $2.811 is  0.0475

Explanation:-

mean = $2.813,sd = $0.009, n = 55

P(X < 2.811) = P(Z < (2.811 - 2.813)/(0.009/Sqrt55))

= P(Z < -0.002/0.0012)

=  P(Z < -1.6667)

  = 1 P(Z < 1.6667)

= 10.9525

= 0.0475

The probability that the mean price per gallon is less than $2.811 is  0.0475

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