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    Sampling Methods and the Central Limit Theorem

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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 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?

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    Solution Summary

    This solution contains step-by-step calculations to determine the sample mean and also the assumptions made. All formulas used are included.