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Human Resource Consulting (HRC) surveyed a random sample of 80 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $505 with a standard deviation of $105. (Round your z-value to 2 decimal places and final answers to 4 decimal places. Leave no cells blank-be certain to enter "0" if required.) Required: a. Compute the standard error of the sample mean for HRC. Standard error b. What is the chance HRC finds a sample mean between $477 and $527? Probability c. Calculate the likelihood that the sample mean is between $492 and $512. Probability

Human Resource Consulting (HRC) surveyed a random sample of 80 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $505 with a standard deviation of $105. (Round your z-value to 2 decimal places and final answers to 4 decimal places. Leave no cells blank-be certain to enter "0" if required.) Required: a. Compute the standard error of the sample mean for HRC. Standard error b. What is the chance HRC finds a sample mean between $477 and $527? Probability c. Calculate the likelihood that the sample mean is between $492 and $512. Probability

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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d. What is the probability the sample mean is greater than $550? Probability
Transcribed Image Text:d. What is the probability the sample mean is greater than $550? Probability
Human Resource Consulting (HRC) surveyed a random sample of 80 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $505 with a standard deviation of $105. (Round your z-value to 2 decimal places and final answers to 4 decimal places. Leave no cells blank-be certain to enter "0" if required.) Required: a. Compute the standard error of the sample mean for HRC. Standard error b. What is the chance HRC finds a sample mean between $477 and $527? Probability c. Calculate the likelihood that the sample mean is between $492 and $512. Probability
Transcribed Image Text:Human Resource Consulting (HRC) surveyed a random sample of 80 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $505 with a standard deviation of $105. (Round your z-value to 2 decimal places and final answers to 4 decimal places. Leave no cells blank-be certain to enter "0" if required.) Required: a. Compute the standard error of the sample mean for HRC. Standard error b. What is the chance HRC finds a sample mean between $477 and $527? Probability c. Calculate the likelihood that the sample mean is between $492 and $512. Probability
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