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

Statistic - Essay ExampleSince 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 young 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 put up 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 furnish n to represent the sample size and N to represent the community size. In the event that the value of n is greater than 5% of the finite state 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 selective information 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