The average starting salary of this year’s graduates of a large university (LU) is $55,000 with a standard deviation of $4,000. Furthermore, it is known that the starting salaries are normally distributed.
µ = 55000
sd = 4000
a)
= P(Z > -0.575)
= 1 - P(Z < -0.575)
= 1 - 0.28265
= 0.71735
b)
= P(Z < -2.5)
= 0.0062
= 0.62%
c) P(within one standard deviations from the mean) = P(-1 < Z < 1) = P(Z < 1) - P(Z < -1) = 0.8413 - 0.1587 = 0.6826 = 68.26%
d) Lower value = µ - sd = 55000 - 4000 = 51000
Upper value = µ + sd = 55000 + 4000 = 59000
The average starting salary of this year’s graduates of a large university (LU) is $55,000 with...
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