Business weekly conducted a survey of graduates for 30 top MBA programs. On the basis of the survey assume the means annual salary 10 years after graduation is $162,000. Assume the standard deviation is $40,000. Suppose you take a simply random sample of 39 graduates. For a single randomly selected graduate, find the probability that her salary is between $156,692.00 and $161,395.00.
For a simple random sample of 39 graduates, find the probability that the average salary is between $156,692.00 and $161,395.00. Is the assumption of normal necessary? Yes, or No.
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