Suppose a college claims that its graduates from the business program earn at least $40,000 a year,

Question:

Suppose a college claims that its graduates from the business program earn at least $40,000 a year, on average, in the first year after graduation. Assume that the year-after-graduation salaries are normally distributed, with a standard deviation of $3,300. You survey a random sample of 20 graduates of the program, and find that, one year after graduation, the average salary is $38,000. What would the sampling of the x-bar-values look like? What is the probability of getting an x-bar-value as low as $38,000? Does this mean that the average salary of graduates from the business program is less than $40,000 in the first year after graduation?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...