Please show the formulas to calculate in excel. Business Week conducted a survey
ID: 3052035 • Letter: P
Question
Please show the formulas to calculate in excel.
Business Week conducted a survey of graduates from 30 top MBA programs (Business Week, September 22, 2003). The survey found that the average annual salary for male and female graduates 10 years after graduation was $168,000 and $117,000, respectively. Assume the population standard deviation for the male graduates is $45,000, and for the female graduates it is $30,000.
When calculating values for z, round to two decimal places.
1. What is the probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean, $168,000 (to 4 decimals)?
2. 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 (to 4 decimals)?
3. In which of the preceding two cases, part (a) or part (b), do we have a higher probability of obtaining a sample estimate within $10,000 of the population mean?
- Select your answer -Part (a) because the population mean for males is higher. Part (a) because the population standard deviation for males is higher. Part (b) because the population mean for females is lower. Part (b) because the population standard deviation for females is lower
4. What is the probability that a simple random sample of 100 male graduates will provide a sample mean more than $4,000 below the population mean (to 4 decimals)?
Explanation / Answer
1)
probability that a simple random sample of 40 male graduates will provide a sample mean within $10,000 of the population mean, $168,000:
2)
3)Part (b) because the population standard deviation for females is lower
4)
for normal distribution z score =(X-)/ here mean= = 168000.000 std deviation == 45000 sample size =n= 40 std error=x=/n= 7115.1247