Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to the National Association of Colleges and Employers, the 2015 average starting salary for new college graduates in health sciences was $51,541. The

image text in transcribed

According to the National Association of Colleges and Employers, the 2015 average starting salary for new college graduates in health sciences was $51,541. The average starting salary for new college graduates in business was $53,901 (National Association of Colleges and Employers website). 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 (to 4 decimals)? 0.2296 b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000 (to 4 decimals)? 0.1112 c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000 (to 4 decimals)? 0.1469 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 (to the nearest whole number)? $ 77135 Hide Feedback a 8:11

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory and Analysis Text and Cases

Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey

10th edition

470646284, 978-0470646281

More Books

Students also viewed these Accounting questions