Nancy Joon,Inc.has 1500 employees.A simple random sample of 81 employees was selected,and the individuals in the sample were asked how much they contribute (monthly)to their retirement accounts.The sample mean,
,was $150 with a standard deviation,s,of $45.
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.

Question

Nancy Joon,Inc.has 1500 employees.A simple random sample of 81 employees was selected,and the individuals in the sample were asked how much they contribute (monthly)to their retirement accounts.The sample mean,  
,was $150 with a standard deviation,s,of $45. 
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.

Quizplus · Accepted Answer

The Answer of Nancy Joon,Inc.has 1500 employees.A simple random sample of 81 employees was selected,and the individuals in the sample were asked how much they contribute (monthly)to their retirement accounts.The sample mean,  
,was $150 with a standard deviation,s,of $45. 
a.Estimate the standard error of the mean.
b.Develop an approximate 95% confidence interval for the population mean.