Solve the problem.
Prices were recorded for all the loaves of bread in a supermarket, the mean price for a loaf of bread was $1.37 with a standard deviation of $0.67. Find the probability that if 13 loaves are selected the mean price is less than $1.00.
(1 point)
Responses
0.0032
0.0233
0.5643
0.9105
To solve this problem, we need to use the Central Limit Theorem.
First, we need to calculate the standard error of the mean, which is the standard deviation divided by the square root of the sample size. In this case, it is $0.67 / sqrt(13) = $0.1843.
Next, we need to determine the z-score for a mean price of less than $1.00. This can be calculated using the formula: (1.00 - 1.37) / 0.1843 = -1.01.
Then, we can look up the probability corresponding to a z-score of -1.01, which is approximately 0.1562.
Therefore, the probability that if 13 loaves are selected the mean price is less than $1.00 is 0.1562, which is not listed as an option.