A tech company’s average daily stock price last year was $38.12, with a standard deviation of $2.45. If a random selection of 32 days were chosen from last year, what is the probability that the average price of the company’s stock for those 32 days is more than $37.00?
Multiple Choice
0.9295
0.9529
0.9952
0.9259
Given,
= 38.12, = 2.45
The central limit theorem is
P( < x) = P( Z < x - / / sqrt(n) )
So,
P( > 37) = P( Z > 37 - 38.12 / 2.45 / sqrt(32) )
= P( Z > -2.59)
= P( Z < 2.59)
= 0.9952
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