Answer: 478
Step-by-step explanation:
The formula to calculate the standard error of the population mean is given by :-
[tex]S.E.=\dfrac{\sigma}{\sqrt{n}}[/tex], where [tex]\sigma[/tex] is the standard deviation and 'n' is the sample size.
Given: Mean : [tex]\mu=$\50,000[/tex]
Standard deviation : [tex]\sigma= $\4,000[/tex]
Sample size : [tex]n=70[/tex]
Now, the value of the standard error of the average annual salary is given by :-
[tex]S.E.=\dfrac{50000}{\sqrt{70}}=478.091443734\approx478[/tex]
Hence, the standard error of the average annual salary = 478
