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    Calculating Probability and Value for Salaries

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    The industry average salary is $140,000, and the standard deviation of salaries in the industry is $20,000.

    What is the probability that a single executive will earn $130,000 or more?

    What is the value of the standard error of the mean for this problem?

    What is the probability that any sample mean of salaries of any 15 executives will be equal to or more than $130,000 per year?

    See attached file for data.

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    Solution Summary

    This solution provides step by step calculations for probability and value for salaries.