Sampling Distribution for Means and Sums
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In exercise 6.8 we considered an automobile insurer whose repair claims averaged $927 over the past with a standard deviation of $871. A random sample of 50 new claims is taken.
a. Describe the sampling distribution for ?.
b. Use normal approximation to calculate P(? > 1100).
The ? is a capital with a line above. I think it looks different because of the font. It takes time to search for the symbols used in these formulas. Any suggestions?
How can I create a histogram with ms excel 2003?
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Solution Summary
The posting provides a complete, Neat and Step-by-step Solution is provided in the attached file. It describes sample distribution and uses normal approximation to calculate a p value. Step by step calculations are given in the solution.
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Update:
mu is the greek symbol for the population mean, which is given as $927 here. Sigma is the greek symbol for population standard deviation, which is given as $871 here and n is the sample size which is 50 here.
The symbol which you were trying to show in the problem ...
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