A Sample of 30 Observations Is Drawn from a Normal $\bar { X }$

question 68

Essay

A sample of 30 observations is drawn from a normal population with mean of 750 and a standard deviation of 300. Suppose the population size is 600.
a. Find the expected value of the sample mean $\bar { X }$ .
b. Find the standard error of the sample mean $\bar { X }$ .
c. Find P( $\bar { X }$ > 790).
d. Find P( $\bar { X }$ < 650).
e. Find P(760 < $\bar { X }$ < 810).

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Definitions:

Unearned Revenue

Income received by a company for goods or services that have yet to be provided to the purchaser.

Prepaid Rent

Prepaid rent refers to rent payments made in advance for a specified period, which is recorded as an asset on the balance sheet until it is consumed or the rental period passes.

Rent Expense

A periodic payment made by a tenant to occupy property or use equipment, recorded as an expense on the income statement.

Adjusting Entry

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.