The University of Texas at Austin Mccombs School of Business 2019-2020 Full Time Statistics Average Salary Standard Deviation of Salary Median Salary $70,840 $16,801 $70,000 Full Time Statistics by Major Average Salary Standard Deviation of Salary % of Reports Accounting $56,273 $5,268 2.42% Canfield Business Honors (CBHP) $84,242 $20,002 3.43% Finance $74,592 $13,878 49.09% International Business $62, 160 $9,298 0.81% Management $60,900 $13,059 2.02% Marketing $60,046 $16,938 18.59% MIS $75, 184 $18,311 17.98% Science & Technology Management (formerly ERB) + 0.40% Supply Chain Management $63, 118 $12,926 5.25% *Canfield Business Honors Program (CBHP) students are allowed to have a double major in business: one in Honors and one in another business discipline. Those Honors students who double major have been counted in the calculations for both individual majors as reflected in the percentage (%) of reports by major. Region Average Salary Standard Deviation of Salary % of Reports Mid-Atlantic $77,676 $10,996 2.83% Midwest $68,535 $17,062 7.68% Northeast $83,852 $17,584 11.31% South $62,590 $16,174 1.82% Southwest $66,738 $8,405 1.62% Texas $67,852 $14,583 65.25% *Austin $62,253 $13,800 37.15% **Dallas $70,906 $12,256 31.58% *Houston $74,061 $14,102 27.86% **OtherTexas $49,822 $10,913 3.41% West $78,071 $21,560 8.48% **The percentage (%) of reports for Austin, Dallas, Houston, and Other Texas (each) is a percentage of the overall Texas reports.Full Time Statistics by Industry Average Salary Standard Deviation of Salary % of Reports Automotive/Transportation $58,690 $6,293 1.62% Banking (Commercial) $74,978 $11,851 4.85% Banking (Investment) $82,661 $10,200 12.53% Chemicals & Gases $69,730 $4,659 2.83% Communications/Marketing $51,870 $9,461 2.83% Consulting $75,233 $10,827 24.24% Consumer Goods/Retail $65,534 $18,410 6.26% Entertainment/Hospitality + 0.40% Financial Services (excl banks) $73,086 $18,749 11.11% Government/Nonprofit/Law $48, 123 $15, 112 1.82% Insurance $59,920 $8,597 1.62% Manufacturing/Construction $56,375 $6,395 0.81% Other $57,592 $19,544 1.01% Pharma/Health $64,092 $4,548 2.22% Private Wealth $81,667 $5,774 0.61% Public Accounting $56,843 $6,611 1.41% Real Estate $67, 107 $13,281 2.83% Technology/Internet $67,960 $21,840 20.61% Utilities/Environmental Services/Telecommunications + + 0.40% +Given the limited data points, salary data not reported to protect student confidentiality. Of the 815 graduating seniors with outcome information, 86% (698) accepted employment and 14% (117) pursued other post graduate plans including graduate school, self employment/own venture, volunteer service, military service or other plans. Results were compiled from information reported by students via Report Mccombs and secondary data sources.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]