Australian football salaries averaged $150,000 with a standard deviation of $80,000 in a recent year.Suppose a sample of 100 football players was taken.What was the standard error for the sample mean salary?
A) $8,000
B) $800,000
C) $8 million
D) $150,000

Question

Quizplus · Accepted Answer

The standard error is calculated using the formula SE = SD/√n, where SD is the standard deviation, n is the sample size, and √n is the square root of the sample size. In this case, SD is given as $80,000 and n is 100. Therefore, SE = 80,000/√100 = $8,000.

Australian Football Salaries Averaged $150,000 with a Standard Deviation of $80,000