help will rate thank you The Economic Policy Institute repor
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The Economic Policy Institute reports that the average entry-level wage for male college graduates is $21.95 per hour and for female college graduates is $19.82 per hour. The standard deviation for male graduates is $3.87 and for female graduates is $2.54. Assume wages are normally distributed.
If 50 male graduates are chosen, find the probability the sample average entry-level wage is at least $21.37.
Solution
Here, as 50 males are used, then we use the data for males.
We first get the z score for the critical value. As z = (x - u) sqrt(n) / s, then as
x = critical value = 21.37
u = mean = 21.95
n = sample size = 50
s = standard deviation = 3.87
Thus,
z = (x - u) * sqrt(n) / s = -1.059746597
Thus, using a table/technology, the right tailed area of this is
P(z > -1.059746597 ) = 0.855370051 [ANSWER]
