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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 =