Question

Annual salary plus bonus data for chief executive officers are presented in a magazine Annual Pay Survey. A preliminary sample showed that the standard deviation is $673 with data provided in thousands of dollars. How many chief executive officers should be in a sample if we want to estimate the population mean annual salary plus bonus with a margin of error of $100,000? (Note: The desired margin of error would be E=100 if the data are in thousands of dollars.) Use 95% confidence. Round your answer to next whole number.

Answer #1

Solution :

Given that,

standard deviation = = 673

margin of error = E = 100

At 95% confidence level the z is ,

= 1 - 95% = 1 - 0.95 = 0.05

/ 2 = 0.05 / 2 = 0.025

Z_{/2}
= Z_{0.025} = 1.960

Sample size = n = ((Z_{/2}
*
) / E)^{2}

= ((1.960 * 673) / 100)^{2}

= 173.9972

= 174

Sample size = 174

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confidence interval for the true population mean salary for CIOs in
Canada.

The following are the annual salaries of chief executive
officers of major companies. (The salaries are written in thousands
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salaries.
(a) The 40th percentile:
(b) The 75th percentile:

The following are the annual salaries of 17 chief executive
officers of major companies.
(The salaries are written in thousands of dollars.)
181, 1250, 405, 814, 224, 338, 633, 586, 743, 452, 767, 84, 271,
134, 495, 428, 204
Find 25th and 70th percentiles for these salaries.

The following are the annual salaries of
17
chief executive officers of major companies. (The salaries are
written in thousands of dollars.)
428, 452, 653, 814, 743, 381, 271, 1108, 723, 75, 586, 405, 338,
204, 519, 362, 542
Find
25
th and
90
th percentiles for these salaries.
(If necessary, consult a list of formulas.)
(a) The
25
th percentile:
thousanddollars
(b) The
90
th percentile:
thousanddollars

Are America's top chief executive officers (CEOs) really worth
all that money? One way to answer this question is to look at row
B, the annual company percentage increase in revenue,
versus row A, the CEO's annual percentage salary increase
in that same company. Suppose that a random sample of companies
yielded the following data:
B: Percent increase
for company
19
20
27
12
5
7
30
6
A: Percent increase
for CEO
11
22
30
5
7
2
27...

Are America's top chief executive officers (CEOs) really worth
all that money? One way to answer this question is to look at row
B, the annual company percentage increase in revenue, versus row A,
the CEO's annual percentage salary increase in that same company.
Suppose that a random sample of companies yielded the following
data: B: Percent for company 2 5 29 8 21 14 13 12 A: Percent for
CEO -1 5 21 13 12 18 9 8 Do...

Are America's top chief executive officers (CEOs) really worth
all that money? One way to answer this question is to look at row
B, the annual company percentage increase in revenue, versus row A,
the CEO's annual percentage salary increase in that same company.
Suppose that a random sample of companies yielded the following
data: B: Percent for company 28 16 25 26 18 20 7 10 A: Percent for
CEO 23 14 23 18 23 10 4 14 Do...

Are America's top chief executive officers (CEOs) really worth
all that money? One way to answer this question is to look at row
B, the annual company percentage increase in revenue,
versus row A, the CEO's annual percentage salary increase
in that same company. Suppose that a random sample of companies
yielded the following data:
B: Percent increase
for company
21
10
15
23
15
29
20
30
A: Percent increase
for CEO
17
1
11
28
16
34
12...

Are America's top chief executive officers (CEOs) really worth
all that money? One way to answer this question is to look at row
B, the annual company percentage increase in revenue, versus row A,
the CEO's annual percentage salary increase in that same company.
Suppose that a random sample of companies yielded the following
data: B: Percent increase for company 38 8 14 11 28 3 7 4 A:
Percent increase for CEO 33 9 10 10 31 6 –3...

On the basis of data provided by a salary survey, the variance
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were provided in thousands of dollars. Assuming that the salary
data were based on samples of 25 seniorsand 26 managers, test to
determine whether there is a significant difference between the
variances of salaries for seniors and managers....

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