Example 1
- Author:
- Walch Education
The manager of a car dealership would like to determine the average years of ownership for a new vehicle. He found that a sample of 25 customers who bought new vehicles owned that vehicle for 7.8 years, with a standard deviation of 2.5 years. What is the standard error for this sample mean?
- Identify the given information.
- Determine the standard error of the mean.