according to the irs the average refund in 2011 tax year was $3109 assuming that

Question

according to the irs the average refund in 2011 tax year was $3109 assuming that the standard deviation for these refunds was $874 what is the standard error of the mean for a random sample of 50 tax returns according to the irs the average refund in 2011 tax year was $3109 assuming that the standard deviation for these refunds was $874 what is the standard error of the mean for a random sample of 50 tax returns according to the irs the average refund in 2011 tax year was $3109 assuming that the standard deviation for these refunds was $874 what is the standard error of the mean for a random sample of 50 tax returns

Explanation / Answer

Given sample standard deviation=874

and sample size n=50

standard derror= (sigma)/sqrt(n) =874/ sqrt(50) =123.6022

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