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According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2016

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According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2016 was $105,000. Assume the population standard deviation for starting MBA salaries was $15,000. A random sample of 40 MBA graduates from the class of 2016 was selected.

a. What is the probability that the sample mean is less than $110,000?

b. What is the probability that the sample mean is more than $100,000?

c. What is the probability that the sample mean is between $100,000 and $105,000?

d. Suppose the sample mean was $107,500. 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 high …View the full answer


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Business Statistics

Business Statistics

ISBN: 9780134685267

3rd Edition

Authors: Robert A. Donnelly

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Question Details
Chapter # 7- Sampling and Sampling Distributions
Section: Problems
Problem: 52
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Question Posted: November 05, 2019 04:32:45

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