statistics

The income of college students is normally distributed with a mean income per year is $12,000 and a standard deviation of $6,000.
a)If we randomly sample 25 college students, what is the probability that the average income of our sample is less than $4,000?
b)If we randomly sample 9 college students, what is the probability that the average income is between $5000 and $20,000?

  1. 👍 0
  2. 👎 0
  3. 👁 167
  1. Z = (mean1 - mean2)/standard error (SE) of difference between means

    SEdiff = √(SEmean1^2 + SEmean2^2)

    SEm = SD/√(n-1)

    If only one SD is provided, you can use just that to determine SEdiff.

    Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportions related to the Z scores.

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. finance (firm's net income)

    If a firm has a break-even point of 20,000 units and the contribution margin on the sirm's single product is $3.00 per unit and fixed costs are $60,000, what will the firm's net income be at sales of 30,000 units? o.k. the break

  2. Calculus

    New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the state is calculated using taxable income (not total income). In 2005, for a single person with a taxable income

  3. Finance 200

    11. The Sterling Tire Company’s income statement for 2008 is as follows: Given this income statement, compute the following: STERLING TIRE COMPANY Income Statement For the Year Ended December 31, 2008 Sales (20,000 tires at $60

  4. accounting

    Total Assets Total Liabilities Beginning of the year $550,000 $215,000 End of the year 844,000 320,000 On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of

  1. Math

    A retired couple needs $12,000 per year in income to supplement their Social Security. They have $150,000 to invest to obtain this income. They have decided on two investment options: AA bonds yielding 10% per annum and a bank CD

  2. Income Tax - Accounting. Help Me Please.

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME

  3. Math, Please Help!

    If 99 people had a mean income of $12,000, how much is the mean income increased by the addition of a single income of $200,000?

  4. ACC 233-INCOME TAX

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME

  1. fin

    1. A financial institution has the following market value balance sheet structure: (LG 19-1) Assets Liabilities and Equity . Cash $ 1,000 Certificate of deposit $ 10,000 Bond 10,000 Equity 1,000 Total assets $11,000 Total

  2. Advanced Accounting

    Mr. White (invested $20,000) and Mr. Black (invested $10,000) are in a partnership to run a marketing firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business.

  3. accounting

    Baldwin Products Company anticipates reaching a sales level of $6 million in one year. The company expects net income during the next year to equal $400,000. Over the past several years, the company has been paying $50,000 in

  4. Accounting 102

    Turner and Isham agreed to form a partnership. Turner contributed $ 200,000 in cash, and Isham contributed assets with a fair market value of $ 400,000. The partnership, in its initial year, reported net income of $ 120,000.

You can view more similar questions or ask a new question.