Answer:
Part (a) : 0.2297
Part (b) : 0.1112
Part (c) : 0.1469
Part (d) : 77,171
Step-by-step explanation:
Given info on Health Sciences:
Mean = $51,541
Standard Deviation = $11,000
Given info on Business:
Mean = $53,901
Standard Deviation = $15,000
Part (a)
Let X represents the new college graduate in business,
P (X ≥ 65,000) = 1 - P (X < 65,000)
= 1 - P ( z < )
= 1 - P ( z < 0.74)
= 1 - 0.77035
= 0.2297
Part (b)
Let Y represents the new college graduate in Health Sciences,
P (Y ≥ 65,000) = 1 - P (Y < 65,000)
= 1 - P ( z < )
= 1 - P ( z < 1.22)
= 1 - 0.88877
= 0.1112
Part (c)
Let Y represents the new college graduate in Health Sciences,
P (Y < 40,000) = P (Y < )
= P ( z < -1.05 )
= 0.1469
Part (d)
To have a starting salary higher than 99%, the z-score = 2.33. Let A represents the salary of a new college graduate in health sciences higher than 99% of all starting salaries.
77,171 new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in health sciences.