The solution would be like this for this specific problem:
Given:
N = 256
Sample Mean = $35,420
Standard Deviation = $2,050
Find:
Standard Error of Mean = ?
The
formula for the standard error of the mean is:
Om
= o / sqrt(N)
Om
= the standard deviation of the sampling
distribution of the mean
where
o = standard deviation of the sampling distribution of a statistic
N
= sample size
So
substituting the formula with the given:
Om = $2,050 / sqrt(256)
Om
= $2,050 / 16
= $128.125
Therefore, the sample standard error of the mean is
$128.125.
