Question
A startup firm that specializes in city real estate wants to study the rates that other firms chargefor similar realty services. Past data reveals that
A startup firm that specializes in city real estate wants to study the rates that other firms chargefor similar realty services. Past data reveals that the hourly charge fora property management servicehas a mean of$36
, with standard deviation$11
.The normal distribution for the population is shown by the dotted black line.
The agencyplans to take a random sample of45
such services and will calculate the mean hourly rate of the sample to compare to the known hourly rate. Compute thethe mean and standard deviation of the sampling distribution of sample means for a sample of size45
. Round your answers to the nearest tenth.
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