The starting salaries of individuals with an MBA degree are normally distributed with a mean of $65,000 and a standard deviation of $15,000. What is the lowest salary for those individuals with an MBA degree whose starting salary is in the top 40 percent? Explain how you got the right answer |
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Solution:-
Given that,
mean = = 65000
standard deviation = =15000
Using standard normal table,
P(Z > z) = 40%
= 1 - P(Z < z) = 0.40
= P(Z < z) = 1 - 0.40
= P(Z < z ) = 0.60
= P(Z < 0.25) = 0.60
z =0.25 ( using z table )
Using z-score formula,
x = z * +
x =0.25 * 15000+65000
x = 68750
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