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According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants
According to U.S. News \& World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $27,300. Assume the population standard deviation is $8,400. Suppose that a random sample of 60 uSC students will be taken from this population. a. What is the value of the standard error of the mean? (to nearest whole number) b. What is the probability that the sample mean will be more than 27,300 ? (to 2 decimals) c. What is the probability that the sample mean will be within $1,000 of the population mean? (to 4 decimals) d. How would the probability in part (c) change if the sample size were increased to 150 ? (to 4 decimals) TABLE 1 CUMULATIVE PROBABILITIES FOR THE STANDARD NORMAL DISTRIBUTION (Continued) Entries in the table give the area under the curve to the left of the z value. For example, for z=1.25, the cumulative probability is .8944
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