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 80 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

The value of the standard error of the average annual salary is approximately $558.

Step-by-step explanation:

The standard error of the average annual salary is calculated using the formula: standard error = population standard deviation / sqrt(sample size). In this case, the population standard deviation is $5,000 and the sample size is 80. Plugging these values into the formula, we get: standard error = $5,000 / sqrt(80) ≈ $558. Rounding to the nearest integer, the value of the standard error of the average annual salary is approximately $558.