Question

After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175. Assume the population standard deviation is $7,400. Suppose that a random sample of 69 USC students will be taken from this population.

(a)What is the value of the standard error of the mean? (Round your answer to the nearest whole number.)$

Answer 1

The standard error of the mean is calculated by dividing the population standard deviation by the square root of the sample size. In this case, the standard error of the mean is approximately $888.

Step-by-step explanation:

The standard error of the mean is a measure of how much the sample means vary from the population mean. It is calculated by dividing the population standard deviation by the square root of the sample size. In this case, the population standard deviation is $7,400 and the sample size is 69, so the standard error of the mean is calculated as:

Standard Error = Population Standard Deviation / √(Sample Size)

Standard Error = $7,400 / √(69)

Using a calculator, we find that the standard error of the mean is approximately $887.63. Rounding it to the nearest whole number gives us a value of $888.