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Statistics Help please!! +K

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coop-son
Posts: 783 - Karma: 28
Let μ be the mean annual salary of Major League Baseball players for 2009. Assume that the standard deviation of the salaries of these players is $2,845,000. What is the probability that the 2009 mean salary of a random sample of 26 baseball players was within $500,000 of the population mean, μ? Assume that n/N ≤ .05.

Answer:

.6318
Click for larger imageClick for larger image


How did they get that answer?? Please and thank you

+K
Jan 14 2013 9:17AM
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coop-son
Posts: 783 - Karma: 28
please...
Jan 14 2013 9:37AM
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HWW
Posts: 3084 - Karma: 3,436
I think the answer is about 0.6318
Jan 14 2013 9:38AM
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Flacko
Posts: 1495 - Karma: 788
well since n/
Jan 14 2013 9:40AM
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coop-son
Posts: 783 - Karma: 28
You're brilliance amazes me
Jan 14 2013 9:41AM
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HWW
Posts: 3084 - Karma: 3,436
Sorry I took so long.
Jan 14 2013 9:42AM
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Flacko
Posts: 1495 - Karma: 788
well fuck for somereason the rest of my post didnt show up
Jan 14 2013 9:42AM
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coop-son
Posts: 783 - Karma: 28
you could be tricking me...which would be clever, but if you're for real, please type it again! Im desperate


HWW....its okay man
Jan 14 2013 9:44AM
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CheddarJack
Posts: 5203 - Karma: 7,380
You have to figure the z-score
Jan 14 2013 9:44AM
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coop-son
Posts: 783 - Karma: 28
I thought Id have to use the Z-score table at some point, but what am I supposed to do with the numbers to GET to the point where i Use the Z table
Jan 14 2013 9:47AM
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coop-son
Posts: 783 - Karma: 28
b
Jan 14 2013 10:36AM
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coop-son
Posts: 783 - Karma: 28
I know one of you is a genius...c'mon
Jan 14 2013 11:04AM
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DIX~
Posts: 4695 - Karma: 6,502
There's a formula for this. On my phone so I can't help. But test the one sided hypothesis with the foothills you're given. This is simple
Jan 14 2013 11:14AM
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DIX~
Posts: 4695 - Karma: 6,502
Completely disregard this, read the problem wrong and my attempt at helping failed
Jan 14 2013 11:15AM
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.AR6rider.
Posts: 15976 - Karma: 8,799
How I know OP has no friends:

He comes to NS for homework help instead of calling someone in his class who probably already has it done and could easily explain it.

Nice.
Jan 14 2013 11:17AM
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coop-son
Posts: 783 - Karma: 28
online class bruh.


Nice.
Jan 14 2013 11:21AM
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LoathesRaisins
Posts: 3612 - Karma: 4,735
Or OP's friends are dumbasses and take remedial classes.
Jan 14 2013 11:22AM
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Pancake_Fucker
Posts: 1833 - Karma: 1,880
Orange because cats don't lay eggs. Pretty sure it's correct OP. it's simple math, really.
Jan 14 2013 12:33PM
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Whatsausername
Posts: 36 - Karma: 17
I don't know of this has already been answered but from what I think if it's a normal distribution then you find the two z scores and you subract the larger one from the smaller one hope this helps
Jan 14 2013 1:38PM
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volvotom
Posts: 2045 - Karma: 712
Click for larger image

that is your formula.

The population mean (mu) is not given, but that isn't important here, because they are interested in the probability that the sample mean is within $500k of population mean. We can just assume the population mean is 0 and put the two sample means at +500k and -500k.

Given the ratio of N to n, safe to say distribution is normal.

Given standard deviation of the population at 2845000 plug everything in.

A. (-500-0)/(2845000)*(sqrt(26))

will be your left z score and

B. (500-0)/(2845000)*(sqrt(26)) will be your right z score

Take Answers from B - Answer from A and should get you your result.
Jan 14 2013 2:15PM
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volvotom
Posts: 2045 - Karma: 712
you z scores are -0.896 and +0.896 respectively (round to 0.90 for most z tables)

gets you probabilities of 0.1841 and 0.8159

gets you 0.6318
Jan 14 2013 2:21PM
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coop-son
Posts: 783 - Karma: 28
Thank you so much everyone!!
Jan 14 2013 11:37PM
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ChristinaJones
Posts: 1 - Karma: 10
Why don't you try online statistics help like tutorteddy?
Jan 15 2013 2:26AM
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Pancake_Fucker
Posts: 1833 - Karma: 1,880
Because racecar.
Jan 15 2013 2:37AM
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Parrish
Posts: 8695 - Karma: 1,007
This stats Z-Score/Equation sheet might help you in the future
https://www.dropbox.com/s/gbwgc4k7i8jr27h/StatsZScoreSheet.pdf?m
Jan 15 2013 2:38AM
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