Human Resource Consulting (HRC) surveyed a random sample of 66Twin Cities construction companies to find information on the costsof their health care plans. One of the items being tracked is theannual deductible that employees must pay. The Minnesota Departmentof Labor reports that historically the mean deductible amount peremployee is $499 with a standard deviation of $100.
1. Compute the standard error of the sample mean for HRC.
2. What is the chance HRC finds a sample mean between $477 and$527?
3. Calculate the likelihood that the sample mean is between $492and $512.
4. What is the probability the sample mean is greater than$530?
