SOLUTION: Business Weekly conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is 15000
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Question 1133708: Business Weekly conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is 150000 dollars. Assume the standard deviation is 38000 dollars. Suppose you take a simple random sample of 98 graduates.
1. Find the probability that a single randomly selected policy has a mean value between 139252 and 141171.3 dollars.
P(139252 < X < 141171.3) = ___________(Enter your answers as numbers accurate to 4 decimal places.)
2. Find the probability that a random sample of size
n=98 has a mean value between 139252 and 141171.3 dollars.
P(139252 < M < 141171.3) = ________(Enter your answers as numbers accurate to 4 decimal places.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x=(x-mean)/sd or (xbar-mean)/sigma/sqrt (n)
single, -10748/38000=z=-0.36
and -8828.7/38000=z=-0.23
probability x is in that interval is 0.0496
For a sample of 98, the Std Error of Mean is 38000/sqrt(98)=3838.6
now the z is between -2.80 and -2.30. That probability is 0.0082
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