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In: Statistics and Probability

For Problems 1-3, the average annual salary of a Certified Public Accountant (CPA) in one region...

For Problems 1-3, the average annual salary of a Certified Public Accountant (CPA) in one region is $87,000 with a standard deviation of $6300.

3. Suppose that a random sample of 36 CPAs has the same mean as the regional average. Find the probability that the sample mean is less than $85,500.

Solutions

Expert Solution

Solution :

Given that ,

mean = = $87000

standard deviation = = $6300

n = 36

= 87000

=  / n = 6300 / 36=1050

P( <85500 ) = P[( - ) / < (85500-87000) /1050 ]

= P(z <-1.43 )

Using z table  

= 0.0764

probability=0.0764   

orchestra answered 3 years ago
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