An analyst finds that the mean and the standard deviation of executive compensation for the 546 highest paid CEOs in publicly traded U.S. companies are $11.27 million and $10.68 million, respectively. A random sample of 31 CEO compensations is selected. [You may find it useful to reference the z table.]

a. Is it necessary to apply the finite population correction factor?

multiple choice 1

• Yes
• No

b. Is the sampling distribution of the sample mean approximately normally distributed?

multiple choice 2

• Yes
• No

c. Calculate the expected value and the standard error of the sample mean. (Round "expected value" to 2 decimal places and "standard error" to 4 decimal places.)