According to a 2014 Kaiser Family Foundation Health Benefits Survey released in 2015, the total mean cost
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According to a 2014 Kaiser Family Foundation Health Benefits Survey released in 2015, the total mean cost of employer-sponsored family health coverage was $16,834 per family per year, of which workers were paying an average of $4823. Suppose that currently the distribution of premiums paid by all workers who have employersponsored family health coverage is approximately normal with the mean and standard deviation of $4823 and $700, respectively. Let x be the average premium paid by a random sample of certain workers who have employer-sponsored family health coverage. Calculate the mean and standard deviation of x and describe the shape of its sampling distribution when the sample size is
a. 20
b. 100
c. 800
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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