## 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

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?

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2021-10-12T12:11:07+00:00
2021-10-12T12:11:07+00:00 1 Answer
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## Answers ( )

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 followinginformation 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