Question

Newark College has 240 full time employees who are currently covered under the school’s health care plan. The average out of pocket cost for the employees on the plan is $ 1,880 with a standard deviation of $ 515. Newark College is performing an audit of its health care plan and has randomly selected 30 employees to analyze their ­out of pocket costs.
a. Calculate the standard error of the mean.
b. What is the probability that the sample mean will be less than $ 1,825?
c. What is the probability that the sample mean will be more than $ 1,840?
d. What is the probability that the sample mean will be between $ 1,900 and $ 1,950?


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  • CreatedJuly 17, 2015
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