# Question

Human Resource Consulting (HRC) surveyed a random sample of 60 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $502 with a standard deviation of $100.

a. Compute the standard error of the sample mean for HRC.

b. What is the chance HRC finds a sample mean between $477 and $527?

c. Calculate the likelihood that the sample mean is between $492 and $512.

d. What is the probability the sample mean is greater than $550?

a. Compute the standard error of the sample mean for HRC.

b. What is the chance HRC finds a sample mean between $477 and $527?

c. Calculate the likelihood that the sample mean is between $492 and $512.

d. What is the probability the sample mean is greater than $550?

## Answer to relevant Questions

Over the past decade, the mean number of hacking attacks experienced by members of the Information Systems Security Association is 510 per year with a standard deviation of 14.28 attacks. The number of attacks per year is ...Use Appendix B.5 to locate the value of t under the following conditions.a. The sample size is 12 and the level of confidence is 95%.b. The sample size is 20 and the level of confidence is 90%.c. The sample size is 8 and the ...The Fox TV network is considering replacing one of its prime-time crime investigation shows with a new family-oriented comedy show. Before a final decision is made, network executives commission a sample of 400 viewers. ...During a national debate on changes to health care, a cable news service performs an opinion poll of 500 small-business owners. It shows that 65% of small-business owners do not approve of the changes. Develop a 95% ...Historically, Widgets Manufacturing Inc. produces 250 widgets per day. Recently the new owner bought a new machine to produce more widgets per day. A sample of 16 days’ production revealed a mean of 240 units with a ...Post your question

0