KAccording to a report from a business intelligence company, smartphone owners are using an average of 23 apps permonth. Assume that number of apps used per month by smartphone owners is normally distributed and that thestandard deviation is 7. Complete parts (a) through (d) below.a. If you select a random sample of 16 smartphone owners, what is the probability that the sample mean is between22.5 and 23.5?(Round to three decimal places as needed.)

From the given data:Mean (μ) = 23Standard deviation (σ) = 7Upper = 23.5Lower = 22.5

Answered: a. If you select a random sample of 16…

a. If you select a random sample of 16 smartphone owners, what is the probability that the sample mean is between 22.5 and 23.5?

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter6: Statistical Inference

Section: Chapter Questions

Problem 1P: The American League consists of 15 baseball teams. Suppose a sample of 5 teams is to be selected to...

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Concept explainers

Risk and return

Before understanding the concept of Risk and Return in Financial Management, understanding the two-concept Risk and return individually is necessary.

Capital Asset Pricing Model

Capital asset pricing model, also known as CAPM, shows the relationship between the expected return of the investment and the market at risk. This concept is basically used particularly in the case of stocks or shares. It is also used across finance for pricing assets that have higher risk identity and for evaluating the expected returns for the assets given the risk of those assets and also the cost of capital.

Question

K
According to a report from a business intelligence company, smartphone owners are using an average of 23 apps per
month. Assume that number of apps used per month by smartphone owners is normally distributed and that the
standard deviation is 7. Complete parts (a) through (d) below.
a. If you select a random sample of 16 smartphone owners, what is the probability that the sample mean is between
22.5 and 23.5?
(Round to three decimal places as needed.)

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