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Answer:
0.015 is the approximate probability that the mean salary of the 100 players was less than $3.0 million
Step-by-step explanation:
We are given the following information in the question:
Mean, μ =$3.26 million
Standard Deviation, σ = $1.2 million 100
We assume that the distribution of salaries is a bell shaped distribution that is a normal distribution.
Formula:
Standard error due to sampling =
P(mean salary of the 100 players was less than $3.0 million)
Calculating the value from the standard normal table we have,
0.015 is the approximate probability that the mean salary of the 100 players was less than $3.0 million