An ethanol railroad tarift is a fee charged for shipments of ethanol on public r
ID: 3061104 • Letter: A
Question
An ethanol railroad tarift is a fee charged for shipments of ethanol on public railroads An 1300, deeemine the probability that the mean tariff r ate of 400 randomly d-car shipments of ethanol Interpret your answer in terms of The probability is 833 (Round to three decimal places as needed) et this probability in terms of the sampling error Choose the comect answer below and t in the answer bax to complete your choice $90 There is about a chance that the sampling error made in estimaing the (Round to one decimal place as needed ) tailf rate of all ralroad- car shipments of ethanol will beExplanation / Answer
Result:
Standard error = sd/sqrt(n) = 1300/sqrt( 400) =65
z = 90/65 =1.38
The required probability = P( -1.38<z<1.38)
=P( z < 1.38) –P( z < -1.38)
=0.9162 -0.0838
=0.8324
=0.832 ( three decimals).
There is about 16.8% chance that the sampling error made in estimating the population mean tariff rate of all railroad car shipments of ethanol will be with in $90.