Answer:
Standard error of mean = 689
Step-by-step explanation:
We are given the following information in the question:
Mean, μ = $28,520
Standard Deviation, σ = $5600
Mean of sampling distribution =
As per Central Limit Theorem, if the sample size is large enough, then the sampling distribution of the sample means follow approximately a normal distribution.
Sample size, n = 66
Since the sample size is large, we can use normal distribution for approximation.
Standard error of mean =
Answer:
There are two possibilities:
and
and
Step-by-step explanation:
Mathematically speaking, the statement is equivalent to this 2-variable non-linear system:
First, is cleared in the first equation:
Now, the variable is substituted in the second one:
And some algebra is done in order to simplify the expression:
Roots are found by means of the General Equation for Second-Order Polynomials:
and
There are two different values for :
There are two possibilities:
and
and