Question 344428
Assume that the SD of monthly rent paid by student in a 
particular town is $40. 
A random sample of 100 students was taken to estimate 
the mean monthly rent paid by the whole student population.
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a) What is the standard error of sample mean rent?
Ans: 40/sqrt(100) = 40/10 = 4
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b) What is the probability that the sample mean exceeds the population mean by more than %5.
The mean of the sample means and the mean of the population 
are the same according to the Central Limit Theorem.
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45% of the sample means are to the right of a point that is
is 5% to the right of the mean.
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Ans: 45%
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Cheers,
Stan H.