Question
A town has 500 real estate agents. The mean value of the properties sold in a...
A town has 500 real estate agents. The mean value of the properties sold in a year by these agents is $900,000, and the standard deviation is $200,000. A random sample of 100 agents is selected, and the value of the properties they sold in a year is recorded.
a. What is the standard error of the sample mean?
b. What is the probability that the sample mean exceeds $917,000?
c. What is the probability that the sample mean exceeds $884,000?
d. What is the probability that the sample mean is between $885,000 and $905,000?
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