CNNBC recently reported that the mean annual cost of auto insurance is 1037 dollars. Assume the standard deviation is 243 dollars. You take a simple random sample of 69 auto insurance policies. (Do not use tables unless directed to do so.)
Find the probability that a single randomly selected value is more than 987 dollars.
P(XÂ > 987) =Â
Find the probability that a sample of size n=69 is randomly selected with a mean that is more than 987 dollars.
P(¯x > 987) =Â
Enter your answers as numbers accurate to 4 decimal places.