Use the central limit theorem to find the probability

Reference no: EM131791771

Millionaires with Master's Degrees

According to an article in randomhistory.com, only 18% of all millionaires in the world have a master's degree.

Suppose a conclave of millionaires contains 150 millionaires that were randomly sampled from the population of millionaires.

Use the Central Limit Theorem (and the Empirical Rule) to find the approximate probability that the conclave will have a proportion of millionaires with master's degrees that is more than two standard errors below 0.18.

You can use the Central Limit Theorem because the millionaires were randomly sampled; the population is more than 10 times 150; and n times p is 27 and n times (1 minus p) is 123, and both are more than 10.

Reference no: EM131791771

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