Question

1. It is known that the population mean student loan expense for graduates at a college is $48, 450 with a population standard deviation of $ 26,430. Describe the sampling distribution for samples of 50 graduates from this college.

Answer 1

Here, we are given that,

It is known that the population mean student loan expense for graduates at a college is $48, 450 with a population standard deviation of $ 26,430.

i.e.

Where,

is the Population Mean and

is the Population Standard Deviation.

Further we have to:-

Describe the sampling distribution for samples of 50 graduates from this college.

Here, sample size,

Now, we know that, the sampling distribution of sample mean, (of 50 graduates, here) has

Mean =    and

Variance =

Standard Deviation =

Hence, for the given values, we get

Mean =    and

Variance =

Standard Deviation =

Hence, the sampling distribution of Sample Mean will have Mean $ 48,450 and standard deviation of

$ 3,737.7664

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