Question

Major league baseball salaries averaged $3.26 million with a standard deviation of$1.2 million in a the past year. Suppose a sample of 100 major league players was taken this year. What is the approximate probability that the mean salary of the 100 players was less than $3.0 million? in progress 0 2 days 2021-10-12T12:11:07+00:00 1 Answer 0 ## Answers ( ) 1. Answer: 0.015 is the approximate probability that the mean salary of the 100 players was less than$3.0 million

Step-by-step explanation:

We are given the following information in the question:

Mean, μ =$3.26 million Standard Deviation, σ =$1.2 million 100

We assume that the distribution of salaries is a bell shaped distribution that is a normal distribution.

Formula: Standard error due to sampling = P(mean salary of the 100 players was less than $3.0 million) Calculating the value from the standard normal table we have, 0.015 is the approximate probability that the mean salary of the 100 players was less than$3.0 million