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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?

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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.

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