Business Weekly conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is $167,000. Assume the standard deviation is $42,000. Suppose you take a simple random sample of 16 graduates. Round all answers to four decimal places if necessary. a. What is the distribution of X? X - N( 167000 42000 b. What is the distribution of X ? X - N( c. For a single randomly selected graduate, find the probability that her salary is between $167,950 and $177,200. d. For a simple random sample of 16 graduates, find the probability that the average salary is between $167,950 and $177,200. e. For part d), is the assumption of normal necessary? YesO No

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.