A university claims its recent graduates earn an average annual salary of $50,000. You draw a random sample of 30 recent graduates and find that their average salary is $47,000, with a standard deviation of $5,000. What is the estimate of the standard error of the mean for this data?
Accepted Solution
A:
Answer: $645.50Step-by-step explanation:The standard error of of the mean is given by :-[tex]SE_x=\dfrac{s}{\sqrt{n}}[/tex] , where n= sample size .s= sample standard deviation.Given : You draw a random sample of 30 recent graduates and find that their average salary is $47,000, with a standard deviation of $5,000. i.e. n= 60Samples standard deviation : s= $5,000Then, the standard error of the mean for this data will be :-[tex]SE_x=\dfrac{5000}{\sqrt{60}}\\\\=\dfrac{5000}{7.74596669}\\\\=645.49722436\approx645.50[/tex] [To the nearest cent]Hence, the estimate of the standard error of the mean for this data = $645.50