A large firm has 10,000 employees. Although it provides health insurance, employees still spend personal income on
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Question:
A large firm has 10,000 employees. Although it provides health insurance, employees still spend personal income on medical expenses. Last year the
mean amount per employee spent on medical expenses was $52.5 with a standard deviation $12.0.
(a) What is the probability that a simple random sample of 36 employees will yield a mean between $50 and $55?
(b) What is the probability that a simple random sample of 36 employees will yield a mean greater than $60?
(c) What might be a problem if you use the normal distribution to make these calculations for a single person chosen at random from the
employee list?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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