Question

The average annual salary for employees in a store is $50,000. It is given that the population standard deviation is $5,000.

Suppose that a random sample of 70 employees will be selected from the population.What is the value of the standard error of the average annual salary?

Round your answer to the nearest integer.

Answer 1

Answer: Standard error of the average annual salary SE = $597.6

Explanation:

Given;

Standard deviation = r = $5,000

Number of samples = n = 70

Mean = $50,000

To derive the standard error of mean SE. It is given as

SE = r/√n

SE = $5,000/√70

SE = $5,000/8.3666

SE = $597.6