According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the
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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?
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a b c d Theres a 20 chance of observing a sample mean as hi...View the full answer
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