2) Suppose that SHS faculty members (with a master teacher rank) in the Philippines earn an average of 720,000 php per year with a standard deviation of 10,000. In an attempt to verify these given, a...

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Extracted text: 2) Suppose that SHS faculty members (with a master teacher rank) in the Philippines earn an average of 720,000 php per year with a standard deviation of 10,000. In an attempt to verify these given, a random sample of 60 master teachers were selected from a database for all master teachers in the country. a) Describe the sampling distribution of the sample mean in terms of its governing characteristics. b) Within what limits would you expect the sample average to lie, with a probability of 90 percent? c) Calculate the probability that the sample mean is greater than 721,200 php per year. d) If your random sample actually produced a mean of 723,500 php, would you consider this as unusual? What conclusions you might draw?