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

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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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    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.

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