Question

You randomly choose 16 unfurnished one-bedroom apartments from a large number of advertisements in your local newspaper. You calculate that their mean monthly rent is $766 and their standard deviation is $180. What is the standard error of the mean?

Answer 1

The standard error of mean is $45.

Explanation:

We are given the following in the question:

Mean = $766

Sample size, n = 16

Standard deviation, σ = $180

We have to find the standard error of the mean.

Formula for standard error of mean:

`S.E = (\sigma)/(√(n))`

Putting values, we get,

`S.E = (180)/(√(16)) = 45`

Thus, the standard error of mean is $45.