An analyst finds that the mean and the standard deviation of executive compensation for the 515 highest paid CEOs in publicly traded U.S. companies are $10.63 million and $10.07 million, respectively. A random sample of 43 CEO compensations is selected.[You may find it useful to reference thez 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.)

d.What is the probability that the sample mean is more than $15 million?(Round final answer to 4 decimal places.)