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deviation is $7,300. Suppose that a random sample of 80 USC students will be taken from this population. a. What is the value of the standard error of the mean? (to nearest whole number) b. What is the probability that the sample mean will be more than 27,750? (to 2 decimals) c. What is the probability that the sample mean will be within $1,000 of the population mean? (to 4 decimals)

deviation is $7,300. Suppose that a random sample of 80 USC students will be taken from this population. a. What is the value of the standard error of the mean? (to nearest whole number) b. What is the probability that the sample mean will be more than 27,750? (to 2 decimals) c. What is the probability that the sample mean will be within $1,000 of the population mean? (to 4 decimals)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $27,750. Assume the population standard deviation is $7,300. Suppose that a random sample of 80 USC students will be taken from this population. a. What is the value of the standard error of the mean? (to nearest whole number) b. What is the probability that the sample mean will be more than 27,750? (to 2 decimals) c. What is the probability that the sample mean will be within $1,000 of the population mean? (to 4 decimals) d. How would the probability in part (c) change if the sample size were increased to 140? (to 4 decimals)
Transcribed Image Text:According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $27,750. Assume the population standard deviation is $7,300. Suppose that a random sample of 80 USC students will be taken from this population. a. What is the value of the standard error of the mean? (to nearest whole number) b. What is the probability that the sample mean will be more than 27,750? (to 2 decimals) c. What is the probability that the sample mean will be within $1,000 of the population mean? (to 4 decimals) d. How would the probability in part (c) change if the sample size were increased to 140? (to 4 decimals)
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