Business Weekly conducted a survey of graduates from 30 top MBA programs. On the

Question

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 151000 dollars. Assume the standard deviation is 37000 dollars. Suppose you take a simple random sample of 94 graduates. Find the probability that a single randomly selected salary is at most 155000 dollars. Answer Find the probability that a sample of size n = 94 is randomly selected with a mean that is at most 155000 dollars. Answer Enter your answers as numbers accurate to 4 decimal places.

Explanation / Answer

Ans:

1)

z=(155000-151000)/37000=0.1081

P(z<=0.1081)=0.5430

2)n=94

standard error of mean=37000/sqrt(94)=3816.259

z=(155000-151000)/3816.259=1.0481

P(z<=1.0481)=0.8527

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