Question 363926: Q)Business Week conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume that the mean annual salary for male and female graduates 10 years after graduation is $168,000 and $117,000, respectively. Assume the standard deviation for the male graduates is $40,000, and for the female graduates it is $25,000.
1. What is the probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean $168,000?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Q)Business Week conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume that the mean annual salary for male and female graduates 10 years after graduation is $168,000 and $117,000, respectively. Assume the standard deviation for the male graduates is $40,000, and for the female graduates it is $25,000.
1. What is the probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean $168,000?
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t(158,000) = -10,000/[40000/sqrt(40)] = -1.5811
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t(178000) = 10000/[40000/sqrt(40)] = +1.5811
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P|158000< xbar < 178000 = P(-1.5811 < t< 1.5811 when df=39) = 0.8781
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Cheers,
Stan H.
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