The following data are monthly rents in dollars of studio an

The following data are monthly rents (in dollars) of studio and one-bedroom apartments in Harrisburg, Pennsylvania, in 2007, obtained from a random sample of such apartments advertised at rent.com in July 2007:

500, 549, 569, 575, 585, 600, 630, 680, 705, 790

The mean of these ten rent prices is $618.3, and the standard deviation is $85.3.

1. Determine the standard error of the sample mean.

2. Describe what the population mean

Solution

Total numbers: 10 Sample standard deviation: 85.3021427372 Standard error of the mean: 26.9749060342