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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 the standard error of mean?

b) Find out the expected shape of distribution of sample mean?

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

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

e) Determine the likelihood of choosing a sample with mean of more than $100,000 but less than 112,000?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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