Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The mean amount of life insurance per household is $110,000. This distribution is positively skewed. The standard deviation of the population is $40,000. Use Appendix

The mean amount of life insurance per household is $110,000. This distribution is positively skewed. The standard deviation of the population is $40,000. Use Appendix B.1 for the z -values.

a. A random sample of 50 households revealed a mean of $112,000. What is the standard error of the mean? (Round the final answer to 2 decimal places.)

b. Suppose that you selected 50 samples of households. What is the expected shape of the distribution of the sample mean?

c. What is the likelihood of selecting a sample with a mean of at least $112,000? (Round the final answer to 4 decimal places.)

d. What is the likelihood of selecting a sample with a mean of more than $100,000? (Round the final answer to 4 decimal places.)

e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000. (Round the final answer to 4 decimal places.)

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

a Standard error of the mean SD Sqrtn 40000 sqrt50 565685 b No... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: Paul Newbold, William Carlson, Betty Thorne

8th Edition

0132745658, 978-0132745659

More Books

Students also viewed these Mathematics questions