After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $29,225. Assume the population standard deviation is $8,500. Suppose that a random sample of 60 USC students will be taken from this population. Use z-table.
a. What is the value of the standard error of the mean?
980
(to nearest whole number)
b. What is the probability that the sample mean will be more than $29,225?
(to 2 decimals)
c. What is the probability that the sample mean will be within $500 of the population mean?
(to 4 decimals)
d. How would the probability in part (C) change if the sample size were increased to 170?
83
(to 4 decimals)