Data on salaries in the public school system are published annually in National Survey of Salaries and
Question:
Do the following for the variable "annual salary" of classroom teachers.
a. Determine the sampling distribution of the sample mean for samples of size 64. Interpret your answer in terms of the distribution of all possible sample mean salaries for samples of 64 classroom teachers.
b. Repeat part (a) for samples of size 256.
c. Do you need to assume that classroom teacher salaries are normally distributed to answer parts (a) and (b)? Explain your answer.
d. What is the probability that the sampling error made in estimating the population mean salary of all classroom teachers by the mean salary of a sample of 64 classroom teachers will be at most $1000?
e. Repeat part (d) for samples of size 256.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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