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Q1) Information from American Institute of Insurance points out mean amount of life insurance per household in United States is= $110,000. This distribution follows normal distribution with standard deviation of= $40,000.

a) If we choose random sample of 50 households, determine standard error of the mean?

b) Determine the expected shape of distribution of sample mean?

c) Compute the likelihood of choosing a sample with mean of at least $112,000?

d) Determine the likelihood of choosing a sample with mean of more than $100,000?

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