Each response must include your calculations.

Information from the American Institute of Insurance indicates the meanamount of life insurance per household in the United States is $110,000. This distribution is positively skewed. The standard deviationof the population is not known.

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Complete the following:

a A random sampleof 50 households revealed a mean of $112,000 and a standard deviation of $40,000. What is the standard errorof the mean?

b Suppose that you selected 50 samples of households. What is the expected shape of the distribution of the sample mean?

c What is the likelihood of selecting a sample with a mean of at least $112,000?

d What is the likelihood of selecting a sample with a mean of more than $100,000?

e Find the likelihood of selecting a sample with a mean of more than $100,000 but less than $112,000.

Finding the likelihood using Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution is positively skewed. The standard deviation of the population is not known.