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StatisticsSTATISTICS F/BUSINESS+ECONOMICS-TEXTAfter deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175 ( U.S. News & World Report, America’s Best Colleges, 2009 ed.). Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population. a. What is the value of the standard error of the mean? b. What is the probability that the sample mean will be more than $27,175? c. What is the probability that the sample mean will be within $1000 of the population mean? d. How would the probability in part (c) change if the sample size were increased to 100?BuyFind*arrow_forward*

13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 7, Problem 46SE

Textbook Problem

After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175 (*U.S. News & World Report, America’s Best Colleges,* 2009 ed.). Assume the population standard deviation is $7400. Suppose that a random sample of 60 USC students will be taken from this population.

- a. What is the value of the standard error of the mean?
- b. What is the probability that the sample mean will be more than $27,175?
- c. What is the probability that the sample mean will be within $1000 of the population mean?
- d. How would the probability in part (c) change if the sample size were increased to 100?

STATISTICS F/BUSINESS+ECONOMICS-TEXT

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