Question

According to the IRS, the average refund in the 2011 tax year was $3,109. Assuming that the standard deviation for these refunds was $874, what is the standard error of the sample mean for a random sample of 36 tax returns?

a. 74.66

b. 145.67

c. 100.56

d. 123.60

Answer #1

Solution :

Given that,

mean = = 3109

standard deviation = = 874

n = 36

The sample mean = = 3109

The standard error of the sample mean = = / n

= 874 36

= 145.6667

= 145.67

Option b ) is correct.

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