Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN: 9780079039897
Author: Carter
Publisher: McGraw Hill
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Concept explainers

Estimation
A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.
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 36000 dollars. Suppose you take a simple random sample of 73 graduates.

Find the probability that a single randomly selected policy has a mean value between 186207.9 and 187471.9 dollars.
P(186207.9 < X < 187471.9) =  (Enter your answers as numbers accurate to 4 decimal places.)

Find the probability that a random sample of size n=73n=73 has a mean value between 186207.9 and 187471.9 dollars.
P(186207.9 < M < 187471.9) =  (Enter your answers as numbers accurate to 4 decimal places.)

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