Answer:
[tex]E(\bar{x}) = 28520[/tex]
Standard error of mean = 689
Step-by-step explanation:
We are given the following information in the question:
Mean, μ = $28,520
Standard Deviation, σ = $5600
Mean of sampling distribution =
[tex]E(\bar{x}) = \mu = 28520[/tex]
As per Central Limit Theorem, if the sample size is large enough, then the sampling distribution of the sample means follow approximately a normal distribution.
Sample size, n = 66
Since the sample size is large, we can use normal distribution for approximation.
Standard error of mean =
[tex]\displaystyle\frac{\sigma}{\sqrt{n}} = \frac{5600}{\sqrt{66}} = 689.31 \approx 689[/tex]
