Answered: Find the probability that a single…

Find the probability that a single randomly selected policy has a mean value between 138233.3 and 148582.4 dollars. P(138233.3

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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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

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 145000 dollars.
Assume the standard deviation is 39000 dollars. Suppose you take a simple random sample of 96
graduates.
Find the probability that a single randomly selected policy has a mean value between 138233.3 and
148582.4 dollars.
P(138233.3 < X < 148582.4) =
(Enter your answers as numbers accurate to 4 decimal
places.)
Find the probability that a random sample of size n = 96 has a mean value between 138233.3 and
148582.4 dollars.
P(138233.3 < M < 148582.4) =
(Enter your answers as numbers accurate to 4 decimal
places.)
Submit Question
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