An accounting firm is planning for the next tax preparation

An accounting firm is planning for the next tax preparation season. From last year\'s returns, the firm collects a systematic random sample of 100 filings. The 100 filings showed an average preparation time of 90 minutes with a standard deviation of 144 minutes. What is the standard error of the mean?

Solution

The standard error of the mean is the standard deviation divided by the square root of the sample size.

Standard error of the mean = 144/square root of 100 = 14.4

answer: 14.4 minutes