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    Likelihood of sample mean between two values

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    A recent study by the Greater Los Angeles Taxi Drivers Association showed that the mean fare charged for service from Hermosa Beach to the Los Angeles International Airport is $18.00 and the standard deviation is $3.50. We select a sample of 15 fares.

    a. What is the likelihood that the sample mean is between $17.00 and $20.00?
    b. What must you assume to make the above calculation?

    © BrainMass Inc. brainmass.com June 3, 2020, 6:38 pm ad1c9bdddf
    https://brainmass.com/business/business-law/likelihood-of-sample-mean-between-two-values-68726

    Solution Summary

    This solution provides details on how to calculate the likelihood that the sample mean is between two values and also lists the associated assumptions.

    $2.19

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