document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=472858>Question 472858</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 32. Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normal distribution with a standard deviation of $40,000.\r<BR>\n" );
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document.write( "a. If we select a random sample of 50 households, what is the standard error of the mean?\r<BR>\n" );
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document.write( "b. What is the expected shape of the distribution of the sample mean?\r<BR>\n" );
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document.write( "c. What is the likelihood of selecting a sample with a mean of at least $112,000?\r<BR>\n" );
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document.write( "d. What is the likelihood of selecting a sample with a mean of more than $100,000?\r<BR>\n" );
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document.write( "e. Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #324280 by </B><A HREF=/tutors/aboutme.mpl?userid=edjones><B>edjones(8007)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=edjones><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=edjones><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=324280\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> a)<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=sigma%2Fsqrt%28n%29=40000%2Fsqrt%2850%29 ALIGN=MIDDLE  ALT=\"sigma%2Fsqrt%28n%29=40000%2Fsqrt%2850%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >=5,657<BR>\n" );
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document.write( "b) Normal curve<BR>\n" );
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document.write( "c) z=(112000-110000)/5657=2000/5657=.354<BR>\n" );
document.write( "Area above .354 on the normal curve is .362 the likelihood of selecting a sample with a mean of at least $112,000.<BR>\n" );
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document.write( "Ed </SPAN>\n" );
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