Information from the American Institute of Insurance Indicates the mean amount of life insurance per household in the United States is $114,000. This distribution follows the normal distribution with a standard deviation of $30,000. Required: a. If we select a random sample of 52 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) Standard error of the mean b. What is the expected shape of the distribution of the sample mean? The distribution will be 4,160 normal c. What is the likelihood of selecting a sample with a mean of at least $121,000? (Round your z-value to 2 decimal places and final answer to 4 decimal places.) Probability
Information from the American Institute of Insurance Indicates the mean amount of life insurance per household in the United States is $114,000. This distribution follows the normal distribution with a standard deviation of $30,000. Required: a. If we select a random sample of 52 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) Standard error of the mean b. What is the expected shape of the distribution of the sample mean? The distribution will be 4,160 normal c. What is the likelihood of selecting a sample with a mean of at least $121,000? (Round your z-value to 2 decimal places and final answer to 4 decimal places.) Probability
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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cAN YOU ANSER PART C, D, AND e. AND
![Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is
$114,000. This distribution follows the normal distribution with a standard deviation of $30,000.
Required:
a. If we select a random sample of 52 households, what is the standard error of the mean? (Round your answer to the nearest whole
number.)
Standard error of the mean
b. What is the expected shape of the distribution of the sample mean?
The distribution will be
4,160
normal
Probability
c. What is the likelihood of selecting a sample with a mean of at least $121,000? (Round your z-value to 2 decimal places and final
answer to 4 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d494b17-8b36-49e0-a6a1-3408f9cee0a7%2F42c1c359-c028-41ed-8756-032b27035b7f%2Fz5o5ap_processed.png&w=3840&q=75)
Transcribed Image Text:Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is
$114,000. This distribution follows the normal distribution with a standard deviation of $30,000.
Required:
a. If we select a random sample of 52 households, what is the standard error of the mean? (Round your answer to the nearest whole
number.)
Standard error of the mean
b. What is the expected shape of the distribution of the sample mean?
The distribution will be
4,160
normal
Probability
c. What is the likelihood of selecting a sample with a mean of at least $121,000? (Round your z-value to 2 decimal places and final
answer to 4 decimal places.)
![d. What is the likelihood of selecting a sample with a mean of more than $106,000? (Round your z-value to 2 decimal places and final
answer to 4 decimal places.)
Probability
e. Find the likelihood of selecting a sample with a mean of more than $106,000 but less than $121,000. (Round your z-value to 2
decimal places and final answer to 4 decimal places.)
Probability](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d494b17-8b36-49e0-a6a1-3408f9cee0a7%2F42c1c359-c028-41ed-8756-032b27035b7f%2F93cris9_processed.png&w=3840&q=75)
Transcribed Image Text:d. What is the likelihood of selecting a sample with a mean of more than $106,000? (Round your z-value to 2 decimal places and final
answer to 4 decimal places.)
Probability
e. Find the likelihood of selecting a sample with a mean of more than $106,000 but less than $121,000. (Round your z-value to 2
decimal places and final answer to 4 decimal places.)
Probability
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