Major league baseball salaries averaged $3.26 million with a standard deviation of $1.2 million in a the past year. suppose a sample of 100 major league players was taken this year. what is the approximate probability that the mean salary of the 100 players was less than $3.0 million?

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

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20%

step-by-step explanation: