Mean and standard deviation of the sample mean

Reference no: EM1387265

A large population of music stores is to be sampled. Theft amount per two-week period for any one music store, X, is assumed normally distributed with a mean theft amount per store of $500 and a standard deviation of $8.

(a) Calculate the mean and standard deviation of the sample mean based on data from 100 stores.

(b) What is the probability the sample average is within $1.80 of $500(based on 100 stores)?

(d) Would the probability in (b) be affected substantially if the population standard deviation were $18 for n=100 stores? Why or why not?

Reference no: EM1387265

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