**Probability of Salaries of MBA Graduates****Overview:**A study was conducted by Business Weekly to assess the salaries of graduates from 30 top MBA programs. Based on the survey, the following data was obtained:- Mean annual salary for graduates 10 years post-graduation: $183,000- Standard deviation: $34,000A random sample of 65 graduates has been considered for this analysis.**Questions:**1. **Probability of a Single Graduate's Salary:** Determine the probability that a single randomly selected graduate's salary is less than $186,000. **Provide your answer:** - Answer = [Input box]2. **Probability of the Mean Salary of a Sample:** Find the probability that the mean salary of a sample size of $ n = 65 $ is less than $186,000. **Provide your answer:** - Answer = [Input box]**Instructions:**Enter your responses with numbers accurate to four decimal places.[Submit Question Button] ---**Additional Information:**- Ensure calculations are based on the given mean and standard deviation.- Use statistical formulas and tables where necessary for precise results.

given data μ=183000σ=34000n=65here sample size n≥30as per CLT we can say that distribution is…

Answered: Business Weekly conducted a survey of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Similar questions

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According to the latest internet usage survey of college students, the amount of time spent on social media per day is normally distributed with a mean equal to 210 minutes and a standard deviation of 45 minutes. Based on this survey, find the probability that the amount of time spent on social media by college students is between 150 and 300 minutes per day. Round answer to 4 decimal places.
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The standard deviation of the lengths of a hospital stay on the intervention ward is 8.7 days. What is the probability that the sampling error made in estimating the population mean length of stay by the mean length of stay of a sample of 73 patients will be at most 2 days
A dean in the business school claims that GMAT scores of applicants to the school's MBA program have increased during the past 5 years. Five years ago, the mean and standard deviation of GMAT scores of MBA applicants were 550 and 60, respectively. 30 applications for this year's program were randomly selected and the GMAT scores recorded. If we assume that the distribution of GMAT scores of this year's applicants is the same as that of 5 years ago, find the probability of erroneously concluding that there is not enough evidence to supports the claim when, in fact, the true mean GMAT score is 590. Assume αα is 0.02.
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