Question

According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $24,975. Assume the population standard deviation is $6600. Suppose that a random sample of 80 USC students will be taken from this population. Use z-table.

a. What is the value of the standard error of the mean?

(to nearest whole number)

b. What is the probability that the sample mean will be more than $24,975?

(to 2 decimals)

c. What is the probability that the sample mean will be within $500 of the population mean?

(to 4 decimals)

d. How would the probability in part (c) change if the sample size were increased to 110?

(to 4 decimals)

Answer 1