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