# Question

According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2011 was $ 85,854. Assume the population standard deviation for starting MBA salaries was $ 11,700. A random sample of 40 MBA graduates from the class of 2011 was selected.

a. What is the probability that the sample mean is less than $ 88,000?

b. What is the probability that the sample mean is more than $ 81,000?

c. What is the probability that the sample mean is between $ 83,000 and $ 85,000?

d. Suppose the sample mean was $ 87,400. Does this result support the findings of Graduate Management Admission Council?

a. What is the probability that the sample mean is less than $ 88,000?

b. What is the probability that the sample mean is more than $ 81,000?

c. What is the probability that the sample mean is between $ 83,000 and $ 85,000?

d. Suppose the sample mean was $ 87,400. Does this result support the findings of Graduate Management Admission Council?

## Answer to relevant Questions

Urban planners will use electronic traffic counters to count the number of vehicles that travel on a specific road. This information can be used to identify roads that need to be improved or expanded based on traffic needs. ...Obtaining a driver’s license at the earliest eligible age has been a teenage ritual that appears to be fading. A study performed by the University of Michigan Transportation Research Institute recently found that 30% U. S. ...For a normal population with a mean equal to 80 and a standard deviation equal to 15, determine the probability of observing a sample mean of 85 or less from a sample of size 10. Golf cart attendants at a local country club often receive tips from golfers they assist with their golf clubs. To help recruit new employees, the country club would like to determine the average tips per day an attendant ...With a capacity of 6,300 people, Royal Caribbean’s Oasis of the Seas is the world’s largest cruise ship. The average beer consumption over 15 randomly selected seven day cruises on the ship was 81,740 bottles with a ...Post your question

0