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In: Statistics and Probability

According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend...

According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $26,950. Assume the population standard deviation is $7,800. Suppose that a random sample of 70 USC students will be taken from this population. Use z-table.

a. What is the value of the standard error of the mean?

(to nearest whole number)

b. What is the probability that the sample mean will be more than $26,950?

(to 2 decimals)

c. What is the probability that the sample mean will be within $750 of the population mean?

(to 4 decimals)

d. How would the probability in part (c) change if the sample size were increased to 160 ?

(to 4 decimals)

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Expert Solution

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orchestra answered 1 year ago
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