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 190000 dollars. Assume the standard deviation is 39000 dollars. Suppose you take a simple random sample of 96 graduates. Find the probability that a single randomly selected salary is less than 195000 dollars. Answer = Find the probability that a sample of size n = 96 n=96 is randomly selected with a mean that is less than 195000 dollars. Answer = Enter your answers as numbers accurate to 4 decimal places.

Answer 1

Given:

= 190000, = 39000, n = 96

Find: Find the probability that a single randomly selected salary is less than 195000 dollars

i.e. P(X < 195000)

P(X < 195000) = P(Z < 0.13)

P(X < 195000) = 0.5510 .......................Using Standard Normal Table

Find: Find the probability that a sample of size n = 96 is randomly selected with a mean that is less than 195000 dollars

i.e.

.....................Using Standard Normal Table