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 $158,000. Assume the standard deviation is $38,000. Suppose you take a simple random sample of 14 graduates. Round all answers to four decimal places if necessary. a. What is the distribution of X? X - N(C 15800(v, 38000 v) o b. What is the distribution of ¤? ¤ - N( 15800(, 10155.9271 v) o c. For a single randomly selected graduate, find the probability that her salary is between $145,066 and $154,144. 0.0933 d. For a simple random sample of 14 graduates, find the probability that the average salary is between $145,066 and $154,144. 0.2537 e. For part d), is the assumption of normal necessary? Yes No o

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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.