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The average age of doctors in a certain hospital is 45.0 years old. Suppose the distribution of ages is normal and has a standard deviation of 4.0 years. If 16 doctors are chosen at random for a committee, find the probability that the average age of those doctors is less than 45.5 years. Assume that the variable is normally distributed.
Income
The money received by an individual or organization for work, goods, or investments, typically measured over a period of time, such as monthly or annually.
Utility Function
A representation in economic theory that quantifies the satisfaction a user obtains from consuming various bundles of goods and services.
Flood
An overflow of a large amount of water beyond its normal limits, especially over what is normally dry land.
Insurance
A financial product designed to protect against the risk of financial losses, both big and small, that result from damage to the insured or property, or liability for damage or injury caused to a third party.
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