Suppose That College Faculty with the Rank of Professor at 4-Year

Essay

Suppose that college faculty with the rank of professor at 4-year institutions earn an average of $72,500 per year with a standard deviation of $4500. In an attempt to verify this salary level, a random sample of 60 professors was selected from a personnel database for all 4-year institutions in the United States.
Is the sampling distribution of the sample mean approximately normal?
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What is the mean?
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What is the standard deviation?
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Within what limits would you expect the sample average to be, with probability 0.95?
Lower - $ ______________
Upper - $ ______________
Calculate the probability that the sample mean is greater than $75,000.
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If your random sample actually produced a sample mean of $75,000, would you consider this unusual?
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What conclusion might you draw?
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