Standard error of sample mean
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Human Resource Consulting (HRC) is surveying a sample of 50 firms in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The state Bureau of Labor reports the mean of this distribution is $512 with a standard deviation of $100.
30. What is the standard error of the sample mean for HRC?
A. 10.27
B. 12.91
C. 13.69
D. 14.14
E. Something else
31. What is the probability the sample mean for HRC is greater than $550?
A. 49.74%
B. .3%
C. 2.69
D. .38
E. Something else.
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Solution Summary
The solution provides step-by-step method for the calculation of standard error of mean, Z score and probability. Formula for the calculation is also included.
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