Question

An experiment involves selecting a random sample of 256 middle managers for study. One item of interest is their annual income. The sample mean is computed to be $35,420. If the population standard deviation is $2,050, what is the standard error of the mean

Answer 1

SE=$128.13

Explanation:

-Given the sample mean is $34,250 and standard deviation is $2,050 with n=256:

-Standard error is calculated using the formula:

`SE=(s)/(√(n))`

Where s is the sample standard deviation.

#We substitute our values to solve for SE:

`SE=(s)/(√(n))\\\\=(2050)/(√(256))\\\\=128.125\approx128.13`

Hence, the standard error is $128.13