Question

A random sample of 13 hotels in Boston had an average nightly room rate of $172.10 with a sample standard deviation of $23.90. The approximate standard error of the mean for this sample is ________.

Answer 1

6.63

Explanation:

Standard error of the mean is expressed as shown below.

SE = S/√n where;

S is the standard deviation

n is the sample suze

Given parameters

Standard deviation = $23.90

sample size = 13

Required

Standard error of the mean for this distribution.

Substituting the given value into the formula we have;

SE = 23.90/√13

SE = 23.90/3.6056

SE = 6.6286

Hence the approximate standard error of the mean for this sample is 6.63