Suppose salaries at a very large corporation have a mean of PKR 100,000/= and a population standard deviation of PKR 20,000/=.If 21 employees are selected randomly then what is the probability that their average salary exceeds PKR 65,000/=?Estimate true population mean at 99% Confidence interval if population mean is unknown but population standard deviation is known as PKR 20,000/= for a sample of size 21.NOTE: DONOT SOLVE ON EXCEL AND CLASSIFY EACH STEP

From the provided information, Mean (µ) = 100000 Population standard deviation (σ) = 20000 X~N…

Answered: Suppose salaries at a very large…

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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Suppose salaries at a very large corporation have a mean of PKR 100,000/= and a population standard deviation of PKR 20,000/=.

If 21 employees are selected randomly then what is the probability that their average salary exceeds PKR 65,000/=?
Estimate true population mean at 99% Confidence interval if population mean is unknown but population standard deviation is known as PKR 20,000/= for a sample of size 21.

NOTE: DONOT SOLVE ON EXCEL AND CLASSIFY EACH STEP

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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