Question 7 Reload the Question Suppose the first year salary of a college gradua

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Question 7 Reload the Question Suppose the first year salary of a college graduate from the business school of a certain college is normally distributed with a mean of $61200 and standard deviation of $8100. Suppose a random sample of the salaries of 20 first year graduates is observed. Part 1 : 1 point(s) What is the mean of the sampling distribution of sample means? Enter your answer in the box below. Do not use a dollar sign, commas, or decimals. Report Error Part 2: 1 point(s) Calculate the standard deviation of the sampling distribution of sample means. Enter your answer in the box below, rounded to five places after the decimal point, such as 246.56012 Report Error Part 3 :1 point(s) What is the probability that the mean salary of this sample is greater than $60,000? Enter the z-score and probability in the boxes below. The z-score should be entered to five places after the decimal (such as 3.41203), and the probability should be entered to four places after the decimal. (such as 0.0311) Report Error

Explanation / Answer

Mean is 61200 and s is 8100

a) Mean will be 61200

b) standard deviation of sample is SE=s/sqrt(N) =8100/sqrt(20)=1811.2151

z is (x-mean)/SE

c) P(x>60000)=P(z>(60000-61200)/1811.2151)=P(z>-0.66) or P(z<0.66)

from normal distribution table we get 0.7454

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