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Answer:
By the Central Limit Theorem, the sampling distribution of the sample mean amount of money in a savings account is approximately normal with mean of 1,200 dollars and standard deviation of 284.6 dollars.
Step-by-step explanation:
Central Limit Theorem
The Central Limit Theorem establishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
For a skewed variable, the Central Limit Theorem can also be applied, as long as n is at least 30.
Average of 1,200 dollars and a standard deviation of 900 dollars.
This means that
Sample of 10.
This means that
The sampling distribution of the sample mean amount of money in a savings account is
By the Central Limit Theorem, approximately normal with mean of 1,200 dollars and standard deviation of 284.6 dollars.