a local retail company wants to estimate the mean amount spent by customers. their store's budget limits the number of surveys to 225. what is their maximum error of the estimated mean amount spent for a 99% level of confidence and an estimated standard deviation of $10.00? 1% $1.72 $10.00 $1.00

The standard error of the mean, or just standard error, indicates how much the population means as well as the sample mean will likely differ from one another. It would be conceivable to figure out how much the sample mean would alter if a study were to be redone using new samples taken from a single population.

What is the formula for standard error?

The standard error is calculated by taking the standard deviation and subtracting the square root of the sample size. It offers the accuracy of a sample mean by accounting for the variation of the sample means between samples.

According to the given information:

For 99% confidence,

z = 2.5758

Standard error,

SE = sigma/sqrt

n = 10/sqrt 225

= 10/15

= 2/3

Maximum error of the estimated mean = z * SE

= 2.5758 * (2/3)

= 1.7172

According to the solving the Standard error of the given statement :

= 1.7172%.

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