Questions 17-19 are related to the following A recent article in a business jour

Question

Questions 17-19 are related to the following

A recent article in a business journal reported that the mean annual salary for graduates from 30 top MBA programs 10 years after graduation is = $254,000. Assume the standard deviation is = $50,000.

17 What is the probability that a random sample of n = 40 graduates will provide a sample mean within $10,000 of the population mean.

a 0.8530

b 0.8198

c 0.7924

d 0.7698

18 What is the middle interval that captures 95% of the mean salaries from samples of size 40 graduates.

a $233,603 $274,397

b $238,505 $269,495

c $241,035 $266,965

d $243,881 $264,119

Explanation / Answer

(17) z = (-10000/50000) * 40 = -1.265 and z = (10000/50000) * 40 = 1.265

P(244000 < x-bar < 264000) = P(-1.265 < z < 1.265) = 0.7941

Option c

(18) x = 254000 - 1.96 * (50000/40) = 238505 and x = 254000 + 1.96 * (50000/40) = 269495

Option b

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.