Explore BrainMass

# Statistic Mean and Sampling: What is the likelihood that the sample mean is between \$17.00 and \$20.00?

Not what you're looking for? Search our solutions OR ask your own Custom question.

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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?

Â© BrainMass Inc. brainmass.com March 4, 2021, 6:24 pm ad1c9bdddf
https://brainmass.com/business/strategy-and-business-analysis/likelihood-that-the-sample-mean-is-between-17-00-and-20-00-43561

#### Solution Preview

a. The sample mean is M = 18, the SD=3.5 and sample size N =15
Then standard error = SD/SQRT(N) = 3.5/sQRT(15) = 0.90
Compute z values:
Z1 = ...

#### Solution Summary

Calculations for determining Z values and probability are provided along with an interpretation of the results are determined.

\$2.49