The Economic Policy Institute periodically issues reports on wages of entry level workers. The Institute reported that entry level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05.

What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68?

what formula should be used to solve this problem?

Question

The Economic Policy Institute periodically issues reports on wages of entry level workers. The Institute reported that entry level wages for male college graduates were $21.68 per hour and for female college graduates were $18.80 per hour in 2011 (Economic Policy Institute website, March 30, 2012). Assume the standard deviation for male graduates is $2.30, and for female graduates it is $2.05.

What is the probability that a sample of 50 male graduates will provide a sample mean within $.50 of the population mean, $21.68?

what formula should be used to solve this problem?