A random sample of 13 hotels in Boston had an average nightly room rate of $172.10 with a sample standard deviation of $23.90. The approximate standard error of the mean for this sample is --------.
A)6.62
B)14.16
C)13.84
D)11.56

Question

Quizplus · Accepted Answer

The standard error of the mean (SEM) is calculated using the formula SEM = s / √n, where s is the sample standard deviation and n is the sample size. Plugging in the values given: SEM = 23.90 / √13 ≈ 6.62.

A Random Sample of 13 Hotels in Boston Had an Average