a) What is the mean of the sample? (Round to 4 decimal places) b) What is the standard deviation of the sample mean or the standard error? (Round to 4 decimal places) c) What is the sample size? (Round to whole number)
a) What is the mean of the sample? (Round to 4 decimal places) b) What is the standard deviation of the sample mean or the standard error? (Round to 4 decimal places) c) What is the sample size? (Round to whole number)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Question

Transcribed Image Text:**Ages of Corporate CEOs in Small Firms (2012)**
Foxbees magazine published data on the best small firms in 2012. These publicly traded firms have a stock price of at least $5 per share and have reported annual revenue between $5 million and $1 billion. The data below shows the ages of the corporate CEOs for a random sample of these firms.
| 49 | 67 | 59 | 48 | 45 | 49 | 39 | 44 | 37 | 38 |
|----|----|----|----|----|----|----|----|----|----|
| 48 | 48 | 38 | 62 | 74 | 70 | 58 | 58 | 40 |
| 74 | 35 | 36 | 54 | 38 | 45 | 54 | 55 | 64 | 75 |
| 69 | 36 | 55 | 72 | 69 | 60 | 40 | 64 | 59 |
| 74 | 52 | 40 | 49 | 38 | 38 | 74 | 50 | 55 | 50 |
Calculate the following based on the above data:
a) **What is the mean of the sample?**
(Round to 4 decimal places)
b) **What is the standard deviation of the sample mean or the standard error?**
(Round to 4 decimal places)
c) **What is the sample size?**
(Round to whole number)
Expert Solution

Step 1
From the given sample data : n=50 , ƩX=2628 , ƩX2=145888
Our aim is to find the
a) Sample mean
b) Standard error
c) Sample size
Step by step
Solved in 4 steps

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