The daily sales at a convenience store have a mean of $1350 and a standard deviation of $150. Assuming n/N is less than or equal to .05, that standard deviation of the sampling distribution of the mean sales of a sample of 25 days for this convenience store is ?
To find the standard deviation of the sampling distribution of the mean sales, you can use the formula:
Standard Deviation of Sampling Distribution = Standard Deviation of Population / Square Root of Sample Size
In this case, the standard deviation of the population is given as $150 and the sample size is N = 25.
Using the formula, simply substitute the values and calculate:
Standard Deviation of Sampling Distribution = $150 / √25
Standard Deviation of Sampling Distribution = $150 / 5
Standard Deviation of Sampling Distribution = $30
Therefore, the standard deviation of the sampling distribution of the mean sales for a sample of 25 days at this convenience store is $30.