To calculate the z-statistic, we must first calculate the
standard error.
Standard error is standard deviation divided by the square
root of the population. In this case, it is equal to 2.68.
The z-score is defined the distance from the sample to the
population mean in units of standard error.
z = (195 – 208)/2.68 = -4.86
The answer of this question is $2.51
