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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

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.)

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