Question

. Verizon LTE 1:54 PM 64% Done 31 of 41 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 177000 dollars. Assume the standard deviatiopris 34000 dollars. Suppose you take a simple random sample of 61 graduates (a) Find the probability that a single randomly selected policy has a mean value between 178306 and 192236.4 dollars P(178306 < X < 192236.4) 1876 (Enter your answers as numbers accurate to 4 decimal place (b) Find the probability that a random sample of sizen - 61 has a mean value between 178306 and 192236.4 dollars. P(178306 < X < 192236.4) = (Enter your answers as numbers accurate to 4 decimal places.) Question Help: Message instructor Submit Question

Answer 1

Let X follows N(u = 177000,0 = 34000) a) P(178306 < X <192236,4)=P 178306-177000X -u 192236.4-177000 340000 34000 = P(0.04<=<0.45) = P(Z <0.45) - P(Z <0.04) Excel function, = 0.6736 -0.5160 (= NORMSDIST(-))) = 0.1576 178306-177000 I - u P(178306< X < 192236,4)=P 192236.4–177000 34000/ 34000 34000/= 61 34000 foi = P(0.30<=<3.50) = P(3<3.50)-P(:<0.30) Excel function, = 0.9998 – 0.6179 ((= NORMSDIST (-)) = 0.3819