Calculate the probability using the normal approximation

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Reference no: EM131460830

Question: Suppose in the previous question the analyst had randomly chosen 12 CEO compensations for 2006.

a. Is it necessary to apply the finite population correction factor? Explain.

b. Is the sampling distribution of the sample mean normally distributed? Explain.

c. Calculate the expected value and the standard deviation of the sample mean.

d. Can you use the normal approximation to calculate the probability that the sample mean is more than $12 million? Explain.

Reference no: EM131460830

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