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    standard error of the mean

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    According to an IRS study, it takes an average of 330 minutes for taxpayers to prepare, copy, and electronically file a 1040 tax form. A consumer watchdog agency selects a random sample of 40 taxpayers and finds the standard deviation of the time to prepare, copy, and electronically file form 1040 is 80 minutes.

    a)What assumption or assumptions do you need to make about the shape of the population?
    Give assumption(s):

    b)What is the standard error of the mean in this example?
    Show your work and answer here in excel format

    c)What is the likelihood the sample mean is greater than 320 minutes?
    Show your work and answer here in excel format

    d)What is the likelihood the sample mean is between 320 and 350 minutes?
    Show your work and answer here in excel format

    e)What is the likelihood the sample mean is greater than 350 minutes?
    Show your work and answer here in excel format

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    Solution Summary

    What is the standard error of the mean in this example?

    $2.19