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Human Resource Consulting (HRC) surveyed a random sample of 66 Twin Cities construction companies to find information on the costs of their health...

Human Resource Consulting (HRC) surveyed a random sample of 66 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $498 with a standard deviation of $85. (Round your z value to 2 decimal places and final answers to 4 decimal places. Leave no cells—blankbe certain to enter "0" if required.)

 

  1. Compute the standard error of the sample mean for HRC.
  2. What is the chance HRC finds a sample mean between $477 and $527?
  3. Calculate the likelihood that the sample mean is between $492 and $512.
  4. What is the probability the sample mean is greater than $550?

Top Answer

Answers 10.4628 0.975 0.6256 0.0001 Calculation Given sample size(n) = 66 sd( σ) = $85 mean( μ ) = $498 Computing std error... View the full answer

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Other Answers

1.     S.E.(X) = 10.46278 2.     P(477 <... View the full answer

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