You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted to medical school is about $10$ percent. If you are accepted to medical school, then your starting salary when you graduate will be $$370,000$ per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $$50,000$ per year. Without considering the additional years you would spend in school if you study medicine or the time value of money.

Probli

Your answer is correct.

What is your expected starting salary?

Expected starting salary

eTextbook and Media

Attempts: $1$ of $3$ used

Problem $7\mathrm{.}03$ a$1-$a$2($a$2)$

What is the standard deviation of that starting salary?

Standard deviation $