The Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission
Subject: Mathematics   / Statistics
Question
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The Australian Competition and Consumer Commission (ACCC) has released a report stating the across all supermarkets in Australia, the percentage increase in prices does follow approximately a Normal distribution with a mean increase of 4.2% and standard deviation of 0.8%. Using normal distribution, if 16 supermarkets are randomly chosen, what is the probability that the mean percentage increase is between 4% and 5%?