Financial Risk Manager Part 1
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A population has a known mean of 100. Suppose 36 samples are randomly drawn from this population with replacement. The observed mean is 97.8 and the standard deviation is 10. Calculate the standard error of the sample mean.
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Community
NNikitesh
A
0.8165
B
1.667
C
1.8165
D
16.67
Explanation:
The standard error of the sample mean is calculated using the formula: SE = σ/√n, where σ is the population standard deviation and n is the sample size.
Given:
- Population standard deviation (σ) = 10
- Sample size (n) = 36
Calculation: SE = 10/√36 = 10/6 = 1.6667 ≈ 1.667
Note: The observed mean of 97.8 is not needed for calculating the standard error. The standard error measures the variability of sample means around the population mean, not the specific value of any particular sample mean.
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