Assignment:
The average price of a gallon of unleaded regular gasoline was reported to be $2.34 in northern Kentucky (The Cincinnati Enquirer, January 21, 2006). Use this price as the populationmean, and assume the population standard deviation is $.20.
- What is the probability that the mean price for a sample of 30service stations is within $.03 of the population mean (to 4decimals)?
- What is the probability that the mean price for a sample of 50service stations is within $.03 of the population mean (to 4decimals)?
- What is the probability that the mean price for a sample of 100service stations is within $.03 of the population mean (to 4decimals)?
- Calculate the sample size necessary to guarantee at least .95probability that the sample mean is within $.03 of the populationmean (0 decimals).
Provide complete and step by step solution for the question and show calculations and use formulas.