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Answer:
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Step-by-step explanation:
The average mortgage owed by Americans is $306,500, with a standard deviation of $24,500.
From the above information, we know that,
The population mean is
The population standard deviation is
Suppose a random sample of 150 Americans is selected
Since the sample size is quite large then according to the central limit theorem, the sample mean is approximately normally distributed.
The sample mean would be the same as the population mean that is
The sample standard deviation is given by
Where is the population standard deviation and n is the sample size.
Therefore, the required parameters are:
1.
2.
3.
4.
5.
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