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Americans have become increasingly concerned about the rising cost of Medicare. In 1990, the average annual Medicare spending per enrollee was $3267; in 2003, the average annual Medicare spending per enrollee was $6883 (Money, Fall 2003). Suppose you hired a consulting firm to take a sample of fifty 2003 Medicare enrollees to further investigate the nature of expenditures. Assume the population standard deviation for 2003 was $2,000. Calculate the standard error of the mean amount of Medicare spending for a sample of fifty 2003 enrollees (to 2 decimals). What is the probability the sample mean will be within +/- $300 of the population mean (to 4 decimals)? What is the probability the sample mean will be greater than $7500 (to 4 decimals)?

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