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 122000 dollars. Assume the population standard deviation is 34000 dollars. Suppose you take a simple random sample of 95 graduates. Find the probability that a single randomly selected salary is less than 126000 dollars. Answer 0.4522 Find the probability that a sample of size n = 95 is randomly selected with a mean that is less than 126000 dollars.

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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.