Find the Indicated Probability or Percentage for the Sampling Error

question 49

Multiple Choice

Find the indicated probability or percentage for the sampling error.
-The amount of coffee that a filling machine puts into an 8-ounce jar is normally distributed with a mean of 8.2 ounces and a standard deviation of 0.18 ounce. Determine the percentage of samples of
Size 16 that will have mean amounts of coffee within 0.1 ounce of the population mean of 8.2
Ounces.

• A)42.46%
• B)97.36%
• C)71.23%
• D)98.68%

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Definitions:

Expected Price Level

Expected price level refers to the anticipation of people regarding the general price level of goods and services in the economy in the future.

Price Level

The general price level average of all goods and services in the economy currently.

Interest Rates

The cost of borrowing money or the return on saved money, usually expressed as a percentage of the amount borrowed or saved.

Investment

Investment is the act of allocating resources, usually money, with the expectation of generating an income or profit.