The mean salary for graduates entering the actuarial field was $63,000. Salaries are approximately normally distributed with a standard deviation of $5,000. Find the probability that: a) A graduate entering the actuarial field will have a salary over $68,000 b) A sample of 9 graduates entering the actuarial field will have a mean salary over $68,000

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A: The provided information is:

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A: Dgg

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A: given data  normal distribution μ = 50σ = 3.2

Q: Assume that the salaries of elementary school teachers are normally distributed with a mean $35,000…

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A: Solution

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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.