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Find the probability that one randomly selected

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The dean of a business faculty claims that the average MBA graduate is offered a starting salary of $73000. The standard deviation of the offers is $6600. Assume that the distribution of starting salary follows a normal distribution. Based on this information, answer the following questions:

(a) Find the probability that one randomly selected MBA graduate's starting salary is less than $70000.

(b) What type of distribution is the sampling distribution of sample means of starting salary of the MBA graduates? Specify the parameters for a random sample of 38 MBA graduates from the population of all MBA graduates of the faculty and give the values of these paramaters.

(c) What is the probability that for a random sample of 38 MBA graduates, the mean starting salary is less than $70000?

(d) Explain the reason for the difference in your answers in parts (a) and (c).

Reference no: EM132523200

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