Standard error of the average or median

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Reference no: EM1313358

The information of the American Institute of Insurance indicates the average or median quantity of life insurance per family in the US is $1,000,000. This distribution has a positive slant. The standard deviation of the population is not known.

a) A chance sample of 50 families revealed an average or median of $112,000 and a standard deviation of $40,000. What is the standard error of the average or median?

b) Suppose that you select a 50 family's sample. Which is the form expected from the distribution of the average or median of the sample?

c) Which is the probability of selecting a sample with an average or median greater than $112,000?

d) Which is the probability of selecting a sample with an average or median greater than $100,000?

e) Find the probability of selecting a sample with an average or median greater than $100,000 but less than $112,000.

Reference no: EM1313358

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