The standard error of the mean is equal to $3.32.
Standard error is defined as the measures of the preciseness of an estimate of a population mean. It can be calculated by dividing the sample standard deviation by the square root of the sample size.
SE = SD / √n
where SE = standard error
SD = sample standard deviation
n = sample size
Based on the problem, the sample standard deviation is $21.00 and the sample size is equal to 40. Substitute these values to the equation and solve for the standard error.
SE = SD / √n
SE = $21.00 / √40
SE = 3.32
Learn more about standard error here: brainly.com/question/22377370
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