# According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2016

## Question:

According to the Graduate Management Admission Council, the average starting salary for an MBA graduate in the class of 2016 was $105,000. Assume the population standard deviation for starting MBA salaries was $15,000. A random sample of 40 MBA graduates from the class of 2016 was selected.

a. What is the probability that the sample mean is less than $110,000?

b. What is the probability that the sample mean is more than $100,000?

c. What is the probability that the sample mean is between $100,000 and $105,000?

d. Suppose the sample mean was $107,500. Does this result support the findings of Graduate Management Admission Council?

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Chapter #

**7**- Sampling and Sampling DistributionsSection: Problems

Problem: 52

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**Question Posted:**November 05, 2019 04:32:45