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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 $165,000 dollars. Assume the standard deviation is $42,000. Suppose you take a simple random sample of 50 graduates.
1) What is the standard deviation of the sampling distribution for this situation? Round to four places. Show work and answer using proper notation.
2) Find the probability that a single randomly selected salary has a value between $173,316 and $175,692. Your write up should include all of the following:
3) Find the probability that a random sample of size n=50 n=50 has a mean value between $173,316 and $175,692.
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