The standard error of the mean equals 0.100.
Explanation:
The standard error of the mean is defined as the standard deviation of the sampling distribution of the mean. The standard error of the mean can be calculated by dividing the sample standard deviation by the square root of the sample size.
Given:
Random sample= 100 customers
Average length of time for checkout= 3 minutes
Standard deviation of the checkout time= 1 minute
Standard error of mean= 1/ √100
=1/10
Standard error of mean= 0.1
