The file CEO Compensation contains data on the top paid executives in 2014 (source: “Fortunate 50 data,”

Pittsburgh Post-Gazette, www.post-gazette.com, June 14, 2015).

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 20 executive compensation amounts. Compute the sample mean for this sample. Find the probability of getting a sample mean as extreme as or more extreme than the one you got. (Hint: Use the finite population correction factor because the sample is large relative to the size of the population.)