CEO pay has been a controversial subject for several years, and even came up in the 2012 presidential election. The file CEO Compensation contains data on the 100 top paid CEOs in either 2010 or 2011, depending on when the information was made available.
a. Treating the data in the file as the population of interest, compute the population mean and standard deviation for CEO compensation.
b. Use Excel to select a simple random sample of 30 executive compensation amounts. Compute the sample mean for this sample. Find the probability of getting a sample mean as extreme or more extreme than the one you got.