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Taylor's Mill is a neighborhood comprised of 185 homes. According to the website Zillow, the average market value of the homes in this neighborhood is $418,300 with a standard deviation of $36,500. What is the standard error for a random sample of 32 homes from this neighborhood?

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abiolataiwo2015

Answer:

$5,883.76

Explanation:

Calculation for the standard error for a random sample of 32 homes from this neighborhood

Standard error for a random sample = √[(185-32)/(185-1)]*36,500/ √32

Standard error for a random sample= √(153/184)*36,500/√32

Standard error for a random sample=0.91187*36,500/5.6568

Standard error for a random sample=33,283.255/5.6568

Standard error for a random sample=$5,883.76

Therefore the standard error for a random sample of 32 homes from this neighborhood will be $5,883.76

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