A random sample of 16 roundtrip flights between Philadelphia and Dallas has an average airfare of $422.10 with a sample standard deviation of $56.30. The approximate standard error of the mean for this sample is --------.
A)$20.32
B)$24.19
C)$10.11
D)$14.08

Question

Quizplus · Accepted Answer

The standard error of the mean (SEM) is calculated by dividing the sample standard deviation by the square root of the sample size: SEM = $56.30 / sqrt(16) = $56.30 / 4 = $14.075. Rounded to two decimal places, this gives $14.08.

A Random Sample of 16 Roundtrip Flights Between Philadelphia and Dallas