Starting salaries of a sample of five management majors along with their genders

Question

Starting salaries of a sample of five management majors along with their genders are shown below. a. what is the point estimate for the starting salaries of all management majors? b. Determine the point estimate the variance of the population. c. Determine the point estimate for the proportion of male employees A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected. a. What is the probability that the sample mean will be more than $306 b. What is the probability that the sample mean will be less than $308? c. What is the probability that the sample mean will be between $302 and $308? d. What is the probability that the sample mean will be at least $296?

Explanation / Answer

a) mean =25

b)variance=20

c)point estimate for male=(28+19)/2=23.5

9)a)std error =std deviation/(n)1/2=4

probability =P(X>306)=1-P(Z<1.5)=1-0.9332=0.0668

b)probability =P(X<308)=P(X<308)=P(Z<2)=0.97725

c)P(302<X<308)=P(0.5<Z<2)=0.97725-0.6915=0.2858

d)P(X>296)=1-P(X<296)=1-P(Z<1)=1-0.1587=0.8413

employee salary 1 30 2 28 3 22 4 26 5 19 mean 25 variance 20

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