Information from the American institute of insurance indicates the mean amount of life insurance per household in the United States is $110,000 with a standard deviation of $40,000. Assume the population distribution is normal. A random sample of 100 households is taken.
(a) What is the probability that sample mean will be more than $120,00?
(b) What is the probability that sample mean will be between $100,000 and $120,000?
Round your answer to 4 decimal places. ( use part 2 sheet to answer this question)
Solved by F. Y. in 19 mins