The mean annual cost of automobile insurance is $939. Assume that the standard deviation is = $245. What is the probability that a simple random sample of automobile insurance policies will have a sample mean within $25 of the population mean for a sample size of 50?
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2. BusinessWeek conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume that the mean annual salary for male and female graduates 10 years after the graduation is $168,000 and $117,000, respectively. Assume the standard deviation for the male graduates is $40,000, and for the female graduates, $25,000. 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?
3. If you draw a sample of size 10 from a population of size 35 with a population mean of 83.4 and standard deviation of 6.4 with replacement, what is the estimated value for the standard deviation of the sample means?
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