Information from the American Institute of Insurance indicates the mean amount of life insurance per household in
Question:
a. If we select a random sample of 50 households, what is the standard error of the mean?
b. What is the expected shape of the distribution of the sample mean?
c. What is the likelihood of selecting a sample with a mean of at least $112,000?
d. What is the likelihood of selecting a sample with a mean of more than $100,000?
e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Statistical Techniques in Business and Economics
ISBN: 978-0078020520
16th edition
Authors: Douglas Lind, William Marchal
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