A recent study by the Greater Los Angeles Taxi Drivers Association showed that the mean fare charged for service from Hermosa Beach to LA International Airport is $18 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 and $20?
b. What must you assume to make the above calculation?
This solution contains step-by-step calculations to determine the sample mean and also the assumptions made. All formulas used are included.