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:
a)
b) 
c) Since the p value is higher than the significance level provided we have enogh evidence to FAIL to reject the null hypothesis and we can't conclude that the true means are different at 5% of significance
Step-by-step explanation:
Information given
represent the mean for 1
represent the mean for 2
represent the population standard deviation for 1
represent the population standard deviation for 2
sample size for the group 1
sample size for the group 2
z would represent the statistic
Hypothesis to test
We want to check if the two means for this case are equal or not, the system of hypothesis would be:
H0:
H1:
The statistic would be given by:
(1)
Part a
Replacing we got:

Part b
The p value would be given by this probability:

Part c
Since the p value is higher than the significance level provided we have enogh evidence to FAIL to reject the null hypothesis and we can't conclude that the true means are different at 5% of significance
Answer:
$31.50
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 1.5%/100 = 0.015 per year,
then, solving our equation
I = 700 × 0.015 × 3 = 31.5
I = $ 31.50
The simple interest accumulated
on a principal of $ 700.00
at a rate of 1.5% per year
for 3 years is $ 31.50.