Answer to Question #307002 in Math for No Name Found

Question

A town has 500 real estate agents. The mean value of the properties sold in a year by these agents is $800,000, and the standard deviation is $300,000. A random sample of 100 agents is selected, and the value of the properties they sold in a year recorded.

a) What is the standard error of the sample mean?

b) What is the probability that the sample mean exceeds $825,000?

c) What is the probability that the sample mean is between $790,000 and $820,000?