Question

The average salary of a travel management professional is $98,500. Assume that the standard deviation of such salaries is $40,000. A random sample of 100 travel management professionals are selected, then the mean and standard deviation of the sampling mean is __________.

a) 98500 and 400
b) 9850 and 400
c) 9850 and 4000
d) 98500 and 4000

Answer 1

c) 9850 and 4000

Explanation:

Formula for calculating the standard deviation of the sampling mean = standard deviation/√n

Where n is the total number of sample = 100

Standard deviation of salaries = $40,000

Standard deviation of sampling mean = $40,000/√100

= $40,000/10

= $4,000

Similarly, mean deviation of the sampling mean = average salary/√n

Mean deviation of sampling mean = $98,500/√100

= $98,500/10

= $9,850

Answer 2

Answer is D. 98500 and 4000

Refer below.

Explanation:

The average salary of a travel management professional is $98,500. Assume that the standard deviation of such salaries is $40,000. A random sample of 100 travel management professionals are selected, then the mean and standard deviation of the sampling mean is 98500 and 4000.