Standard error of the mean, Accounting Standards

To finish  this scenario, use the Sample Size Estimator Sheets A, B of this file.

In the previous years of the twenty-first century, annual salaries for federal employees in the Upper Midwest averaged approximately $42,000, with a population standard deviation (σ) of $4,900. If we drew a random sample of 25 federal employees from this population:

What would the standard error of the mean be?

What is the probability that the sample mean would be among $41,000 and $43,000?

What is the probability that the sample mean would be among $41,000 and $43,000 if we enhanced the sample size to 100

 

Posted Date: 3/23/2013 3:19:31 AM | Location : United States







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