I need the probability of a standard problem.

Question

the mean of monthly rent is $2650. Assume the standard deviation is $500. A real estate firm samples 100 apartments. What is the probability that the average rent of the sample is more than $2704?

Answer 1

first, you must determine the Z value, which is given by (X - μ)/s where X = target mean, μ = mean, s = standard deviation

 

in this case, Z = (2704 - 2650)/500 = 0.108

 

when we find the Z value on a table of Z values, we find that P = .5714