Question

xercise 7-42 The mean amount of life insurance per household is $118,000. This distribution is positively...

xercise 7-42

The mean amount of life insurance per household is $118,000. This distribution is positively skewed. The standard deviation of the population is $45,000. Use Appendix B.1 for the z-values.

a. A random sample of 40 households revealed a mean of $120,000. What is the standard error of the mean? (Round the final answer to 2 decimal places.)

Standard error of the mean           

b. Suppose that you selected 120,000 samples of households. What is the expected shape of the distribution of the sample mean?

Shape            (Click to select)UniformNormalNot normal, the standard deviation is unknownUnknown

c. What is the likelihood of selecting a sample with a mean of at least $120,000? (Round the final answer to 4 decimal places.)

Probability           

d. What is the likelihood of selecting a sample with a mean of more than $105,000? (Round the final answer to 4 decimal places.)

Probability           

e. Find the likelihood of selecting a sample with a mean of more than $105,000 but less than $120,000. (Round the final answer to 4 decimal places.)

Probability           

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
information from the American Institute of Insurance indicates the mean amount of life insurance per household...
information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $104,000. This distribution follows the normal distribution with a standard deviation of $31,000.  If we select a random sample of 42 households, what is the standard error of the mean?  What is the likelihood of selecting a sample with a mean of at least $110,000? What is the likelihood of selecting a sample with a mean of more than $94,000? Find...
The mean amount purchased by each customer at Churchill’s Grocery Store is $22 with a standard...
The mean amount purchased by each customer at Churchill’s Grocery Store is $22 with a standard deviation of $7. The population is positively skewed. For a sample of 50 customers, answer the following questions: a. What is the likelihood the sample mean is at least $23? (Round the z-value to 2 decimal places and the final answer to 4 decimal places.) Sample mean             b. What is the likelihood the sample mean is greater than $20 but less than...
The mean amount purchased by each customer at Churchill’s Grocery Store is $29 with a standard...
The mean amount purchased by each customer at Churchill’s Grocery Store is $29 with a standard deviation of $8. The population is positively skewed. For a sample of 58 customers, answer the following questions: a. What is the likelihood the sample mean is at least $31? (Round the z-value to 2 decimal places and the final answer to 4 decimal places.) Sample mean b. What is the likelihood the sample mean is greater than $26 but less than $31? (Round...
The mean amount purchased by each customer at Churchill’s Grocery Store is $20 with a standard...
The mean amount purchased by each customer at Churchill’s Grocery Store is $20 with a standard deviation of $9. The population is positively skewed. For a sample of 50 customers, answer the following questions: a. What is the likelihood the sample mean is at least $22? (Round the z-value to 2 decimal places and the final answer to 4 decimal places.) Sample mean: b. What is the likelihood the sample mean is greater than $17 but less than $22? (Round...
Power+, produces AA batteries used in remote-controlled toy cars. The mean life of these batteries follows...
Power+, produces AA batteries used in remote-controlled toy cars. The mean life of these batteries follows the normal probability distribution with a mean of 18 hours and a standard deviation of 5.4 hours. As a part of its testing program, Power+ tests samples of 25 batteries. Use Appendix B.1 for the z-values. a. What can you say about the shape of the distribution of sample mean? Shape of the distribution is             (Click to select)  Normal  Uniform  Binomial b. What is the standard...
Power+, produces AA batteries used in remote-controlled toy cars. The mean life of these batteries follows...
Power+, produces AA batteries used in remote-controlled toy cars. The mean life of these batteries follows the normal probability distribution with a mean of 22 hours and a standard deviation of 5.6 hours. As a part of its testing program, Power+ tests samples of 25 batteries. Use Appendix B.1 for the z-values. a. What can you say about the shape of the distribution of sample mean? Shape of the distribution is             (Click to select)  Normal  Uniform  Binomial b. What is the standard...
The mean amount purchased by a typical customer at Churchill's Grocery Store is $23.50 with a...
The mean amount purchased by a typical customer at Churchill's Grocery Store is $23.50 with a standard deviation of $6.00. Assume the distribution of amounts purchased follows the normal distribution. For a sample of 52 customers, answer the following questions. a. What is the likelihood the sample mean is at least $25.50? (Round z value to 2 decimal places and final answer to 4 decimal places.)   Probability b. What is the likelihood the sample mean is greater than $22.50 but...
The mean amount purchased by a typical customer at Churchill's Grocery Store is $23.50 with a...
The mean amount purchased by a typical customer at Churchill's Grocery Store is $23.50 with a standard deviation of $6.00. Assume the distribution of amounts purchased follows the normal distribution. For a sample of 52 customers, answer the following questions. a. What is the likelihood the sample mean is at least $25.50? (Round z value to 2 decimal places and final answer to 4 decimal places.)   Probability    b. What is the likelihood the sample mean is greater than $22.50...
The amount of time fathers spend with their child(ren) follows a normal distribution with mean 7...
The amount of time fathers spend with their child(ren) follows a normal distribution with mean 7 hours and standard deviation 0.5 hours. Determine the sampling distribution of the sample mean for samples of size n = 4. Indicate the mean (round to two decimal places), standard deviation (round to two decimal places), and shape (normal or not normal). The mean of the sample mean is ______ hours; the standard deviation of the sample mean is _______ hours; and the shape...
Majesty Video Production Inc. wants the mean length of its advertisements to be 24 seconds. Assume...
Majesty Video Production Inc. wants the mean length of its advertisements to be 24 seconds. Assume the distribution of ad length follows the normal distribution with a population standard deviation of 2 seconds. Suppose we select a sample of 12 ads produced by Majesty. What can we say about the shape of the distribution of the sample mean time? a) What can we say about the shape of the distribution of the sample mean time? Normal, skewed? b)What is the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT