According to the National Association of Colleges and Employers, the average starting salary for new college graduates

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According to the National Association of Colleges and Employers, the average starting salary for new college graduates in health sciences is $51,541. The average starting salary for new college graduates in business is $53,901 (National Association of Colleges and Employers website, January 5, 2015). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is $11,000. Assume that the standard deviation for starting salaries for new college graduates in business is $15,000.

a. What is the probability that a new college graduate in business will earn a starting salary of at least $65,000?

b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000?

c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000?

d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences?

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Related Book For answer-question

Statistics For Business & Economics

ISBN: 9781305585317

13th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

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Question Posted: Dec 02, 2016 09:47 AM

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According to the National Association of Colleges and Employers, the average starting salary for new college graduates

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a At x 65000 Px 65000 Pz 74 1 Pz 74 1 7704 2296 The probability of a business graduat...View the full answer

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