Question: Question 3 [10 marks] Now, focus on the overall Full Time Salaries [in $ US) and assume a normal distribution of salaries, answer the following
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Question 3 [10 marks] Now, focus on the overall \"Full Time Salaries\" [in $ US) and assume a normal distribution of salaries, answer the following questions: a] What is the probability that a graduate of this school's cohort earns between $60,000 and $80,000? [3P] b] We would like to know how much the top 5% earn. Based on the information you are given, estimate the cut-off value to make it into the top 5% in terms of full-time salaries. [3P3 c) You randomly meet an individual on the street in Dallas [Texas] and he tells you that he/ she is a 2019-2020 graduate in management and earns $110,000 [$ US] per year. Would you expect this person to have graduated from McCombs's school? (Hint: What is the probability that a 2019-2020 McCombs's graduate $110,000 or more per year? Is this above or below 5% '2] [4]
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