Question: The file Salaries contains the annual salary for all faculty at a small state college in the Midwest. Assume that these faculty salaries represent the population of interest.
a. Compute the population mean and population standard deviation.
b. Develop a frequency distribution of these data using 10 classes. Do the population data appear to be normally distributed?
c. What is the probability that a random sample of 16 faculty selected from the population would have a sample mean annual salary greater than or equal to $56,650?
d. Suppose the following 25 faculty were randomly sampled from the population and used to estimate the population mean annual salary:
What would the sampling error be?
e. Referring to part d, what is the probability of obtaining a sample mean smaller than the one obtained from this sample?