MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Objective: Probability involving percentages

Business Weekly conducted a survey of recent graduates from the top MBA programs. On the basis of the survey, assume that 80% of the recent graduates annual salary exceeds $55000. Suppose you take a simple random sample of 77 recent graduates.

Note: round all z scores to 2 decimal places and all other numbers to 4 decimal places.

1. Find the probability that less than 90% of the 77 recent graduates have an annual salary exceeding $55000.

2. Beyond representative sampling, what assumptions are needed to satisfy the requirements for this problem?

a) X~normal or n≥30

b) X~binomial and at least 5 successes and failures

c) X~binomial and both npnp and nqnq at least 5

d) X~normal and n≥30

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