Question: Human Resource Consulting ( HRC ) surveyed a random sample of 6 6 Twin Cities construction companies to find information on the costs of their

Human Resource Consulting (HRC) surveyed a random sample of 66 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 $498 with a standard deviation of $85.(Round your z-value to 2 decimal places and final answers to 4 decimal places. Leave no cells blank-be certain to enter "0" if required.)
Required:
a. Compute the standard error of the sample mean for HRC.
Standard error
b. What is the chance HRC finds a sample mean between $477 and $527?
Probabity
c. Cakulate the tikelihood that the sample mean is between $492 and 5512
D. What is the probability the sample mean is greater than 550?
 Human Resource Consulting (HRC) surveyed a random sample of 66 Twin

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!