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Example 1

The manager of a car dealership would like to determine the average years of ownership for a new vehicle. He found that a sample of 25 customers who bought new vehicles owned that vehicle for 7.8 years, with a standard deviation of 2.5 years. What is the standard error for this sample mean?
  1. Identify the given information.
  2. Determine the standard error of the mean.
This applet is provided by Walch Education as supplemental material for their mathematics programs. Visit www.walch.com for more information.