What is the likelihood of selecting a sample

Reference no: EM13193871

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 households, what is the standard error of the mean?

Std Error:

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: EM13193871

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