Solve the Problem

question 37

Multiple Choice

Solve the problem. Round your answer to one decimal place, if necessary.
-The distribution of sample means for monthly employee income at a particular company for samples of 70 employees is normal with a mean of $5587 and a standard deviation of $220. You take a random sample of 70 employees from the company and find that their mean monthly income is $5837. How many standard deviations is the sample mean from the mean of the sampling distribution?

• A)1.1 standard deviation(s)above the mean
• B)250 standard deviation(s)above the mean
• C)1 standard deviation(s)above the mean
• D)9.5 standard deviation(s)above the mean

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Definitions:

Sales Discounts

Reductions in the price of goods or services offered by a seller to a buyer to encourage prompt payment.

Sales Returns

Refers to goods that are returned by the customer to the seller after the sale, often due to defects or dissatisfaction.

Operating Expenses

The costs associated with running a business's day-to-day operations, excluding the cost of goods sold.

Periodic Inventory System

An accounting method that records inventory purchase or sale transactions at the end of an accounting period.