Suppose that college faculty with the rank of professor at public 2-year institutions earn an average of

Question:

Suppose that college faculty with the rank of professor at public 2-year institutions earn an average of $71,802 per year with a standard deviation of $4000. In an attempt to verify this salary level, a random sample of 60 professors was selected from a personnel database for all 2-year institutions in the United States.
a. Describe the sampling of the sample mean .
b. Within what limits would you expect the sample average to lie, with probability .95?
c. Calculate the probability that the sample mean is greater than $73,000?
d. If your random sample actually produced a sample mean of $73,000, would you consider this unusual? What conclusion might you draw? Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...