Distribution of the sample mean

Reference no: EM1314400

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normal distribution with a standard deviation of $40,000.

a) If we select a random sample of 50 household, what is the standard error of the mean?

b) What is the expected shape of the distribution of the sample mean?

c) What is the likelihood of selecting a sample with a mean of at least $112.000?

d) What is the likelihood of selecting a sample with a mean of more than $100,000?

e) Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.

Reference no: EM1314400

Questions Cloud

Explanation of more or less steady rate of growth : Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades

Anova procedure for data : An ANOVA procedure is used for data that was obtained from four sample groups each comprised of five observations. The degrees of freedom for the critical value of F are:

Matrix multiplications : Matrix multiplications.

Africa business environment : Explain why the authors cite ethnically segmented markets as a factor that holds back private sector development and building entrepreneurial capacity.

Distribution of the sample mean : What is the expected shape of the distribution of the sample mean?

Computation of per capita gdp-population and gdp : If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.

Computation the amount of each coupon payment : Computation the amount of each coupon payment and A bond has a par value of $1000 and a current yield of 6.452 percent

Domestic price level using is or lm or bp model : Using the IS/LM/BP model, demonstrate the effect of each of the following changes. Assume that the economy is a small country with perfect capital mobility and a flexible exchange rate.

Determining confidence interval : Determine a 95 percent confidence interval for the population mean.

User Account

All Pages