Question

A credit card company is interested in estimating the mean outstanding balance for all of their student credit card accounts (of which there are hundreds of thousands). To estimate this value, the data analyst in the student credit accounts department takes a random sample of 10 student credit card accounts, and records the outstanding balance (in dollars) on each of these accounts below:

Account	#1	#2	#3	#4	#5	#6	#7	#8	#9	#10
Balance (dollars)	203.60	337.09	225.22	220.24	471.64	449.89	392.98	231.29	456.14	269.24

Suppose it is known that outstanding credit card balances are generally normally distributed.

a) What is a point estimate of the population mean outstanding balance?

Round your response to at least 2 decimal places, but do not include any units.

b) What is the value of the standard error of the sample mean?

Round your response to at least 3 decimal places, but do not include any units.

Answer 1