A Random Sample of 100 College Students Had an Average

question 33

Essay

A random sample of 100 college students had an average student loan of $816. This was 1.3 standard deviations above the mean of the sampling distribution of the sample mean. If another random sample of 100 students were taken, what is the probability that that sample would have a mean greater than $816?

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Definitions:

Commercial Substance

A concept in accounting that refers to a transaction causing a significant change in the cash flows or financial status of a company.

Invoice Price

The price at which a seller lists a product for sale to a buyer, often detailed in a purchase invoice.