Statistic Essay Example | Topics and Well Written Essays - 2000 words

Statistic - Essay Example Since the figure bracket we are wondering about is somewhere between $45 and $50k, we must use the product rule and the sum rule to gain the answer. The chances of a graduate earning a $45k salary begins in the first noted price bracket but is only represented by the second half of that bracket. That means we must multiply 50% x 33% = 17%. This is the same for the second and third bracket requiring us to employ the sum rule. 17% + 17% = 33%. B. The probability of a new graduate making a starting salary which exceeds 55k is as follows: The farther away we get from the mean, the more income brackets need to be added in both directions in order to maintain $47,500 as the mean leaving only a 20% chance of a new graduate being hired at a starting salary of 55k or more. C. The percentage of staring salaries which are no more than $42,250 is a 36% chance. This was calculated by representing 5 brackets with 20% chances: 38.5k, 43k, 47.5k, 52k and 56.5k all with a 20% chance each due to even distribution. The bracket between 38.5k and 43.k together represent a 40% chance cumulatively. Those brackets can be divided into smaller brackets leaving the bracket of 42.5 k and everything beneath that amount represented by a 36% chance. First, let us allow n to represent the sample size and N to represent the population size. In the event that the value of n is greater than 5% of the finite population N, the population correction factor may be used. In this case, n=40 and N=500. The sample population is equal to 8% of the finite population of 500 which is again, represented by N. B. To establish standard of error utilizing the given information thus far, we can use the formula , which represents the variability of the original data which can divided by the square root n. We may also find the answer by utilizing the following formula: ((N-n)/N-1)) which gives us the number 9.5917 as our standard error. Using