Sampling error to calculate sample mean

Reference no: EM1319712

Q1) Class takes the exam where average time to finish the exam is normally distributed with a 40 minutes and standard deviation of 9 minutes. If class lasts 1 hour, what percent of students will have turned in exam after 60 minutes?

Q2) Following values represent population of home mortgage interest rates (in percents) being charged by banks in particular city:

6.9	7.5	6.5	7	7.3	6.8	6.5
7	7	7.2	7.5	7.8	6	7

Given this information, what would sampling error be if sample including seven values in top row were used to calculate sample mean?

a) Approximately 6.93

b) Out 0.56

c) Approximately -0.07

d) About 0.07

Reference no: EM1319712

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