The mean amount of life insurance per household is $127 000. This distribution is positively...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The mean amount of life insurance per household is $127 000. This distribution is positively skewed. The standard de population is $41 000. Use Appendix B1 for the z values.
a. A random sample of 50 households revealed a mean of $133 000. What is the standard error of the mean? (Round to the nearest whole number.)
Standard error of the mean
b. Suppose that you selected 50 samples of households. What is the expected shape of the distribution of the sample
Shape
(Click to select)
c. What is the likelihood of selecting a sample with a mean of at least $133 000? (Round the z values to 2 decimal ple final answers to 4 decimal pleces.)
Probability
d. What is the likelihood of selecting a sample with a-mean of more than $121 000? Probability
8485
e. Find the likelihood of selecting a sample with a mean of more than $121 000 but less than $133 000. (Round the z values to 2 decimal places end the final answers to 4 decimal pleces.)
Probability ?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
