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Sample of Monthly Incomes: Standard Error of the Mean

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The monthly incomes from a randomly selected sample of business school alumni are show below:

Monthly Income (in $1)
6500
5500
7500
12000
6000
6300
7100
9000

A. What is the standard error of the mean income per month (in $'s) for all workers in the company?

B. Construct a 95% confidence interval for the population mean income level per month, assuming the population has a normal distribution.

Please use at least 3 digits after the decimal point for precision level.

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Solution Summary

The solution examines the sample of monthly income for standard error of the mean.

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The monthly incomes from a randomly selected sample of business school alumni are show below:

Monthly Income (in $1)
6500
5500
7500
12000
6000
6300
7100
9000

A. What is the standard error of the mean income per month (in $'s) for all workers in the company?

The standard error of the mean is found by dividing the sample standard deviation by the square root of the sample size. The value we get is what can be considered to be a ...

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