(a)What can we say about the shape of the distribution of the sample mean?
(b)What is the standard error of the mean? (Round your answer to 2 decimal places.)
(c)What percent of the sample means will be greater than 130 seconds? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)
(e)What percent of the sample means will be greater than 123 but less than 130 seconds? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)
4. Human Resource Consulting (HRC) is surveying a sample of 68 firms in order to study health care costs for a client. One of the items being tracked is the annual deductible that employees must pay. The state Bureau of Labor reports the mean of this distribution is $499 with a standard deviation of $80.
(a)Compute the standard error of the sample mean for HRC. (Round your answer to 2 decimal places.)
(b)What is the chance HRC finds a sample mean between $477 and $527? (Round z value to 2 decimal places and final answer to 4 decimal places.)
(c)Calculate the likelihood that the sample mean is between $492 and $512. (Round z value to 2 decimal places and final answer to 4 decimal places.)
(d)What is the probability the sample mean is greater than $550? (Round z value to 2 decimal places and final answer to 4 decimal places.)