7 Exercise 7-35 Static 0.62 An analyst finds that the mean and the standard deviation of executive compensation for the 500 highest paid CEOs In publicly traded points U.S. companies are $10.32 million and $9.78 million, respectively. A random sample of 32 CEO compensations is selected. [You may find it useful to reference the z table.] a. Is it necessary to apply the finite population correction factor? eBook O Yes O No Hint b. Is the sampling distribution of the sample mean approximately normally distributed? O Yes Print O No References c. Calculate the expected value and the standard error of the sample mean. (Round "expected value" to 2 decimal places and "standard error" to 4 decimal places.) Expected value Standard error d. What is the probability that the sample mean is more than $12 million? (Round final answer to 4 decimal places.) Probability6 Exercise 7-29 Static 0.62 23 percent of the employees at a large biotech firm are working from home. [You may find it useful to reference the z table.] points a. In a sample of 50 employees, what is the probability that more than 20% of them are working from home? (Round final answer to 4 decimal places.) Probability b. In a sample of 200 employees, what is the probability that more than 20% of them are working from home? (Round final answer to 4 decimal places.) Probability c. Comment on the reason for the difference between the computed probabilities in parts a and b. As the sample number increases, the probability of more than 20% also increases, due to the lower z value and decreased standard error. As the sample number increases, the probability of more than 20% also increases, due to the lower z value and Increased standard error. Mc5 Exercise 7-23 Static 0.62 A random sample of size /= 200 is taken from a population with a population proportion p = 0.75. [You may find It useful to reference points the z table.] a. Calculate the expected value and the standard error for the sampling distribution of the sample proportion. (Round "expected value" to 2 decimal places and "standard error" to 4 decimal places.) x Answer is not complete. Expected value 0.03 x ndard error b. What is the probability that the sample proportion is between 0.70 and 0.80? (Round final answer to 4 decimal places.) x Answer is complete but not entirely correct. Probability 0. 1867 x c. What is the probability that the sample proportion is less than 0.70? (Round final answer to 4 decimal places.) ProbabilityExercise 7-7 Static 0.62 A random sample is drawn from a population with mean / = 66 and standard deviation o = 5.5. [You may find It useful to reference points the z table.]. a. What is the expected value and the standard error of the sampling distribution of the sample mean with /= 16 and / = 36. (Round the standard error to 3 decimal places.) x Answer is not complete. Expected Value Standard Error 16 1.375 36 1.375 x b. Can you conclude that the sampling distribution of the sample mean is normally distributed for both sample sizes? O Yes, both the sample means will have a normal distribution. O No, both the sample means will not have a normal distribution. O No, only the sample mean with /= 16 will have a normal distribution. O No, only the sample mean with /= 36 will have a normal distribution. c. If the sampling distribution of the sample mean is normally distributed with /= 16, then calculate the probability that the sample mean falls between 66 and 68. (If appropriate, round final answer to 4 decimal places.) O We cannot assume that the sampling distribution of the sample mean is normally distributed. O We can assume that the sampling distribution of the sample mean is normally distributed and the probability that the sample mean falls between 66 and 68 Is Probability