A bakery has an average daily expense of $1350. The standard deviation is $150. The owner takes a sample of 50 bills, what is the probability the mean of his sample will be between $1200 and $1500?

Question

A bakery has an average daily expense of $1350.  The standard deviation is $150.  The owner takes a sample of 50 bills, what is the probability the mean of his sample will be between $1200 and $1500?
 how do i solve this

PsyDAG · Answer

Z = (mean1 - mean2)/standard error of the mean (SEm)

SEm = SD/√n

Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability between the Z scores.