Solved: Likelihood of the sample mean, Basic Statistics

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Likelihood of the sample mean

Problem: A recent study by the Greater Los Angeles Taxi Drivers Association showed that the mean fare charged for service from Hermosa Beach to the Los Angeles International Airport is $18.00 and the standard deviation is $3.50. We select a sample of 15 fares.

Q1. What is the likelihood that the sample mean is between $17.00 and $20.00?

Q2. What must you assume to make the above calculation?

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Basic Statistics: Likelihood of the sample mean

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