The Amount of Time to Complete a Particular Exam Is

question 31

Essay

The amount of time to complete a particular exam is believed to have a mean of 52 minutes and a standard deviation of 4.8 minutes. A sample of 36 students was selected and their times to finish the exam recorded.
Is the sampling distribution of the sample mean approximately normal?
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What is the mean?
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What is the standard deviation?
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What is the probability this sample produces an average of less than 50 minutes?
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If the sample mean is actually 50 minutes, is it likely that = 52?
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Explain.
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Definitions:

International Fisher Effect

An economic theory predicting that the difference in nominal interest rates between two countries is equal to the expected change in their exchange rates over a specific period.

Relative Economic Conditions

Economic circumstances in one region or country as compared to another.

Long-Run Exposure

A type of currency risk faced by firms that operate internationally over an extended period.

Exchange Rate Risk

The potential for financial loss due to fluctuations in the exchange rate between two currencies.