The standard error of the mean

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Reference no: EM131134226

From Chapter 5, a random sample of 20 purchases showed the following amounts (in $):

39.05	2.73	32.92	47.51
37.91	34.35	64.48	51.96
56.95	81.58	47.80	11.72
21.57	40.83	38.24	32.98
75.16	74.30	47.54	65.62

Recall that the mean was $45.26 and the standard deviation was $20.67.

a) What is the standard error of the mean?

b) How would the standard error change if the same size had been 5 instead of 20? (Assume that the sample standard deviation didn't change.)

Reference no: EM131134226

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