Nancy Joon, Inc has 1500 employees. A simple random sample of 81 employees was selected, and the individuals in the sample were asked how much they contribute (monthly) to their retirement accounts. The sample mean, , was 150 with a standard deviation, s, of 45.
a. Estimate the standard error of the mean.
b. Develop an approximate 95 confidence interval for the population mean.
Question 2
A measure of the average value of a random variable is called a(n) _____.
a. variance
b. standard deviation
c. expected value
d. None of the answers is correct.
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