Exercise 8-42 (Algo) (L08-5) Human Resource Consulting (HRC) surveyed a random sample of 80 Twin Cities construction companies to find information on the costs of their health care plans. One of the items being tracked is the annual deductible that
employees must pay. The Minnesota Department of Labor reports that historically the mean deductible amount per employee is $505 with a standard deviation of 5105 (Round your z value to 2 decimal places and final
answers to 4 decimal places. Leave no cells blank-be certain to enter "" it required.)
a. Compute the standard error of the sample mean for HRC.
Standard error
b. What is the chance HRC finds a sample mean between 5477 and $527?
Probably
c. Calculate the likelihood that the sample mean is between $492 and $512
Probability
d. What is the probability the sample mean is greater than $5507
Probably