Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, please answer all the parts in the question and show the work. Thank you. 1. There are 180 car salesmen in a city. Their

Hi, please answer all the parts in the question and show the work. Thank you.

image text in transcribed

1. There are 180 car salesmen in a city. Their annual salaries are normally distributed with a mean of $41,500, and a standard deviation of $17,000. A. What is the probability that a randomly selected car salesman from this city, earns more than $60,000? Find the Z-score first (rounded to 2 decimal places.) Z= Probability (rounded to 4 decimal places): B. What is the value of the annual salary if 20 % of the car salesmen earn higher than that value? C. What is the probability that the mean salary of 8 randomly selected car salesmen from this city, is less than $60,000? Use the standard deviation (standard error of the mean) of an infinite population. Find the Z-score first (rounded to 2 decimal places.) Z= Probability (rounded to 4 decimal places): D. Consider the sampling distribution of the means using the car salesmen's salaries again. Each sample has 8 salesmen's salaries. What would be the value of the standard deviation (standard error) of the sampling distribution of the means if we assume that the population is finite (rounded to 2 decimal places)? E. According to a Pew Research Center nationwide survey of American adults, 75% of adults said that college education has become too expensive for most people, and they cannot afford it. Let pbe the proportion in a random sample of 1400 adult Americans who will hold the said opinion. Find the probability that the sample proportion is within plus or minus .03 of the actual population proportion. a. First check the requirements to use the normal distribution. b. Find op (the standard error of the sampling distribution.) c. the Z-scores (rounded to 2 decimal places.) d. Find the probability. 1. There are 180 car salesmen in a city. Their annual salaries are normally distributed with a mean of $41,500, and a standard deviation of $17,000. A. What is the probability that a randomly selected car salesman from this city, earns more than $60,000? Find the Z-score first (rounded to 2 decimal places.) Z= Probability (rounded to 4 decimal places): B. What is the value of the annual salary if 20 % of the car salesmen earn higher than that value? C. What is the probability that the mean salary of 8 randomly selected car salesmen from this city, is less than $60,000? Use the standard deviation (standard error of the mean) of an infinite population. Find the Z-score first (rounded to 2 decimal places.) Z= Probability (rounded to 4 decimal places): D. Consider the sampling distribution of the means using the car salesmen's salaries again. Each sample has 8 salesmen's salaries. What would be the value of the standard deviation (standard error) of the sampling distribution of the means if we assume that the population is finite (rounded to 2 decimal places)? E. According to a Pew Research Center nationwide survey of American adults, 75% of adults said that college education has become too expensive for most people, and they cannot afford it. Let pbe the proportion in a random sample of 1400 adult Americans who will hold the said opinion. Find the probability that the sample proportion is within plus or minus .03 of the actual population proportion. a. First check the requirements to use the normal distribution. b. Find op (the standard error of the sampling distribution.) c. the Z-scores (rounded to 2 decimal places.) d. Find the probability

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Foundations Of Business Analysis

Authors: M Douglas Berg

1st Edition

1465222030, 9781465222039

More Books

Students also viewed these Finance questions