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Suppose you know that sampling distribution of the mean of income has a mean of $50,000 and a standard deviation of $16,000. You plan to
Suppose you know that sampling distribution of the mean of income has a mean of $50,000 and a standard deviation of $16,000. You plan to draw a large random sample and measure income. What is the probability that the mean level of income in your sample will fall between $50,000 and $60,000?
Correct answer is 0.2357. But, I want to know the process on how to acquire that answer.
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