Question.4589 - DS 123 – Lab Assignment 1DUE: Thur Feb. 6th @11:59pmCh 6.2: Normal DistributionCh 7: Sampling Distributions Ch 8: Confidence IntervalsTemplate for this lab assignment is available in Excel file: Lab #1 Template-SP 2025. The starting salaries of individuals with an MBA degree are normally distributed with a mean ( µ) of $40,000 and a standard deviation (σ) of $5,000. Use MS Excel to compute the probabilities called for.a. What is the probability that a randomly selected individual with an MBA degree will get a starting salary of at least $30,000?b. What is the probability that a randomly selected individual with an MBA degree will get a starting salary of at most $47,500?c. What percentage of MBA's will have starting salaries of $34,000 to $46,000?HINT: Review Lab 1 Tutorial: Question 1 (d), (e), (a) and their answers as an example of how to solve the similar problem. The life expectancy in the United States is 75 with a standard deviation of 7 years. A random sample of 49 individuals is selected. Use MS Excel to compute the probabilities called for.a.What is the probability that the sample mean will be larger than 77 years?b.What is the probability that the sample mean will be less than 72.7 years?c.What is the probability that the sample mean will be between 73.5 and 76 yearsHINT: Review Lab 1 Tutorial: Question 2 and answers as an example of how to solve the similar problem.3. In a local university, 40% of the students live in the dormitories. A random sample of 80 students is selected for a particular study. Use MS Excel to find the answers.a. The standard deviation of proportion (σp), known as the standard error of the proportion. What is the value of σp? b. What is the probability that the sample proportion (the proportion living in the dormitories) is between 0.30 and 0.50?HINT: Review Lab 1 Tutorial: Question 3 and answers as an example of how to solve the similar problem.4. A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The standard deviation of the population is known to be $66. Use MS Excel to find the answers.a. Find a point estimate of the population mean.b. Construct a 95% confidence interval for the mean. (Round off your answers to the values with two decimal places).HINT: Review Lab 1 Tutorial: Question 4 and answers as an example of how to solve the similar problem.lab assignments, not tutorial, in excel must be submitted on canvas to earn credit
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