A lakefront resort is planning for its summer busy season. Itwishes to estimate

Question

A lakefront resort is planning for its summer busy season. Itwishes to
estimate with 95% confidence the average number of nights eachguest will stay
in a consecutive visit. Using a sample of guests who stayed lastyear, the average
number of nights per guest is calculated at 5 nights. The standarddeviation of the
sample is 1.5 nights. The size of the sample used is 120 guests andthe resort
desires a precision of plus or minus .5 nights.
What is the standard error of the mean in the lakefront resortexample?
.5
.065
.96
.13
1.96

Explanation / Answer

mean, = 5 standard deviation, = 1.5 n = 120 standard error of mean, e = / n = 1.5 / 120 =0.13

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