Question

Business Weekly conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is 133000 dollars. Assume the population standard deviation is 31000 dollars. Suppose you take a simple random sample of 87 graduates.

1. Find the probability that a single randomly selected salary is at least 134000 dollars.

Answer 1

The probability that a single

randomly selected salary is at least 134000 dollars is 0.4871

Explanation;

See attached picture