The file S02_17.xlsx contains salaries of 200 recent graduates from a (fictional) MBA program.
a. What salary level is most indicative of those earned by students graduating from this MBA program this year?
b. Do the empirical rules for standard deviations apply to these data? Can you tell, or at least make an educated guess, by looking at the shape of the histogram? Why?
c. If the empirical rules apply here, between which two numbers can you be about 68% sure that the salary of any one of these 200 students will fall?
d. If the MBA program wants to make a statement such as “Some of our recent graduates started out making X dollars or more, and almost all of them started out making at least Y dollars” for their promotional materials, what values of X and Y would you suggest they use? Defend your choice.
e. As an admissions officer of this MBA program, how would you proceed to use these findings to market the program to prospective students?