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It is known that 30% of XYZ Corporation’s employees are millionaires. If a random sample of 100 XYZ’s employees is selected, then answer the following questions:
a) What is the mean and standard deviation of the sample proportion? Show formulas / your work.
b) What proportion of the sample will have more than 36% millionaires? Use standardization method to answer this part. Show the Excel formula(s)/function(s) and values entered that you used to answer this question.
c) Answer part c) by using the direct method in Excel. Show the Excel formula(s)/function(s) and values entered that you used to answer this question.
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