In an effort to hold colleges accountable for the benefits of a degree, legislation has been recently proposed to require institutions to provide prospective students with salary information for graduates. The state of Virginia has traditionally published starting salary data for their graduating students. For example, the average salary of James Madison University (JMU) students who have recently earned a bachelor’s degree was reported to be $ 35,224. Assume the starting salary for a recent JMU graduate follows the normal probability distribution with a standard deviation of $ 5,070.
a. What is the probability that a randomly selected JMU graduate from this class had a starting salary
1. Less than $ 40,000?
2. More than $ 38,000?
3. Between $ 24,000 and $ 32,000?
4. Between $ 30,000 and $ 40,000?
b. Use Excel or PHStat to confirm the answers in part a.
c. What starting salary of a JMU graduating student from this class is in the 75th percentile?

  • CreatedJuly 17, 2015
  • Files Included
Post your question