The data file called CEO Compensation contains data for the CEOs of 496 of the nation’s top 500 companies in 2005. These data are published by the Forbes organization and are available on its Web site (www.

forbes.com/2005/04/20/05ceoland.html).

a. Treating these data as the population of interest, compute the population mean and standard deviation for CEO age.

b. Select a random sample of n  12 CEOs and calculate the sample mean age for this sample.

Also compute the sampling error.

c. Based on your result in part

b, compute the probability of getting a sample mean as large or larger than the one you obtained.