Normal Distribution
indicates the mean amount of life insurance per household in the United States
is $110,000. This distribution follows the normal distribution with a standard
deviation of $40,000.
a. If we select a random sample of 50 households, what is
the standard error of the mean?
b. What is the expected shape of the distribution of the
sample?
c. What is the likelihood of selecting a sample with a mean
of at least $112,000?
d. What is the likelihood of selecting a sample with a mean
of more than $100,000?
e. Find the likelihood of selecting a sample with a mean of
more than $100,000 but less than $112,000.
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