On may 1, 2008, the value of Noelles home was $223,770. On June 8, 2011, the value of her home had dropped by $31,250. By March
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Answer:
The standard error of the mean is 0.0783.
Step-by-step explanation:
The Central Limit Theorem helps us find the standard error of the mean:
The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation
, a large sample size can be approximated to a normal distribution with mean
and standard deviation
.
The standard deviation of the sample is the same as the standard error of the mean. So
In this problem, we have that:
So
The standard error of the mean is 0.0783.