(a)
= 60,000
= 8,000
n = 45
SE = /
= 8,000/ = 1192.5696
To find P(50,000)
Z = (50,000 - 60,000)/1192.5696 = - 8.3853
Table of Area Under Standard Normal Curve gives area = 0.5 nearly
So,
P(50,000) = .05 nearly + 0.05 = 1.0 nearly
(b)
= 60,000
= 8,000
n = 45
SE = /
= 8,000/ = 1192.5696
95% corresponds to area = 0.95 - 0.50 = 0.45 from mid value to Z on RHS.
Table of Area Under Standard Normal Curve gives Z = 1.645
Z = 1.645 = (X - 60,000)/1192.5696
So,
X = 60,000 + (1.645 X 1192.5696)
= 60,000 + 1961.7770
= 61,961.7770
So,
Answer is:
61,961.7770
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