The Oil Price Information Center of greater Houston reports the mean price per gallon of gas is $3 with a population standard deviation of .18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed. What is the likelihood the sample mean is greater than $3.08?
Other Requirements: My teacher said my first attempt was wrong. He said this, “You are asked to find the probability of the sample mean being within .01 of the population mean 3.0.” This problem comes from the section on Sampling Methods and the Central Limit Theorem. I hope this helps you to help me. 🙂 Thanks.
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