The mean starting salary for college graduates in 2016 was $36,000. Assume that the distribution of...
The mean starting salary for college graduates in 2016 was $36,000. Assume that the distribution of starting salaries follows the normal distribution with a standard deviation of $3,000.
1.What is the probability that a graduate will have a starting salary more than $43,500?
2. What is the probability that a graduate will have a starting salary between $42,000 and $43,500?
3. What is the probability that a graduate will have a starting salary between $30,000 and $45,000?
4. What starting salary (or more) will the top 3% of the graduates have?
5. 99.97% of the observations will lie between what values?
Homework Answers
The probability that a graduate will have a starting
salary more than $43,500 is 
The probability that a graduate will have a starting
salary between $42,000 and $43,500 is 
The probability that a graduate will have a starting salary
between $30,000 and $45,000 is 
From Z-table, Lookup for Z-value corresponding to area 0.03 to the right of the normal curve.
The starting salary (or more) will the top 3% of the
graduates have is 
From Z-table, Lookup for Z-value corresponding to area 0.00015 to the left of the normal curve.
From Z-table, Lookup for Z-value corresponding to area 0.00015 to the right of the normal curve.
The 99.97% of the observations will lie between
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