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 124000 dollars. Assume the standard deviation is 37000 dollars. Suppose you take a simple random sample of 74 graduates.

Find the probability that a single randomly selected salary is more than 123000 dollars.
P(X > 123000) =

Find the probability that a sample of size n=74n=74 is randomly selected with a mean that is more than 123000 dollars.
P(M > 123000) =

Enter your answers as numbers accurate to 4 decimal places.

Answer 1

Hello Sir/ Mam

Given that:

Mean =	124000.00
Standard Deviation =	37000.00

(i)

(ii)

Updated details

Mean = 124000

S.D. = 37000/(74^0.5) = 4301.1626

I hope this solves your doubt.

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