Assume that college faculty with rank of professor at tow-year institutions earn average of $64,571 per year with standard deviation of $4,000. In attempt to verify this salary level, a random sample of 60 professors was chosen from personnel database for all two-year institutions in the US.
a) Determine the mean of the sample distribution?
b) Determine the standard deviation of the sampling distribution? Round to two decimals.
c) Compute P( xbar > 66000). Use four decimals.