According to the IRS, the average refund in the last tax year was $2.974. Assuming that the standard deviation for these refunds was $812, the standard error of the mean for a random sample of 60 tax returns is ____________ .
A)$141.38
B)$104.83
C)$127.10
D)$72.55

Question

Quizplus · Accepted Answer

The standard error of the mean (SEM) is calculated by dividing the standard deviation by the square root of the sample size. Here, the standard deviation is $812, and the sample size is 60. Thus, SEM = $812 / sqrt(60) ≈ $104.83.

According to the IRS, the Average Refund in the Last