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stat6310-A survey of graduates from 30 top MBA

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January 1st, 2018

A survey of graduates from 30 top MBA programs showed population mean salaries for male and female graduates 10 years after graduation of $168,000 and $117,000 respectively. Assume the standard deviation for the male graduates is $40,000 and for the female graduates is $25,000.What is the probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean, $168,000?What is the probability that a simple random sample of 40 female graduates will provide a sample mean within $10,000 of the population mean, $117,000?In which of the two preceding cases do we have a higher probability of obtaining a sample estimate with $10,000 of the population mean? Why?What is the probability that a simple random sample of 100 male graduates will provide a sample mean more than $4000 below the population mean?

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