Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $128,000. This distribution follows the normal distribution with a standard deviation of $33,000.Required:If we select a random sample of 66 households, what is the standard error of the mean?Note: Round your answer to the nearest whole number. What is the expected shape of the distribution of the sample mean? What is the likelihood of selecting a sample with a mean of at least $130,000?Note: Round your z-value to 2 decimal places and final answer to 4 decimal places. What is the likelihood of selecting a sample with a mean of more than $120,000?Note: Round your z-value to 2 decimal places and final answer to 4 decimal places.

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Answered: Information from the American Institute…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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Required:

If we select a random sample of 66 households, what is the standard error of the mean?

Note: Round your answer to the nearest whole number.
What is the expected shape of the distribution of the sample mean?
What is the likelihood of selecting a sample with a mean of at least $130,000?

Note: Round your z-value to 2 decimal places and final answer to 4 decimal places.
What is the likelihood of selecting a sample with a mean of more than $120,000?

Note: Round your z-value to 2 decimal places and final answer to 4 decimal places.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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