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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich
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Salary of a travel management professional. According to a

Chapter 5, Problem 24E

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QUESTION:

Problem 24E

Salary of a travel management professional. According to a National Business Travel Association (NBTA) 2010 survey, the average salary of a travel management professional is $96,850. Assume that the standard deviation of such salaries is $30,000. Consider a random sample of 50 travel management professionals and let x̄ represent the mean salary for the sample.

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QUESTION:

Problem 24E

Salary of a travel management professional. According to a National Business Travel Association (NBTA) 2010 survey, the average salary of a travel management professional is $96,850. Assume that the standard deviation of such salaries is $30,000. Consider a random sample of 50 travel management professionals and let x̄ represent the mean salary for the sample.

ANSWER:

Solution:

Step 1 of 6:

The average salary of a travel management professional is $96,850.

The standard deviation is $30,000, and n = 50.

 = the mean salary for the sample.

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