formation from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $165,000. This distribution follows the normal distribution with a standard deviation of $40,000. If we select a random sample of 50 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) What is the expected shape of the distribution of the sample mean? What is the likelihood of selecting a sample with a mean of at least $167,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
nformation from the American Institute of Insurance indicates the
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If we select a random sample of 50 households, what is the standard error of the mean? (Round your answer to the nearest whole number.)
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What is the expected shape of the distribution of the sample mean?
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What is the likelihood of selecting a sample with a mean of at least $167,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)
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