10. Congratulations! You have just graduated college, and you are now looking fo

Question

10. Congratulations! You have just graduated college, and you are now looking for a job. You happen to know that starting salaries offered to college graduates is normally distributed with -$33,650 and = $7,050. Use this information to answer the following questions A) What is the probability that you will be offered a starting salary below $20,000? B) What is the probability that you will be offered a starting salary above $52,000? C) What is the probability that you will be offered a starting salary between $30,000 and $38,000? D) If you are offered a starting salary that has a z-score of 1.26, what is the starting salary that you are being offered?

Explanation / Answer

a) probability=P(X<20000)=P(Z<(20000-33650)/7050)=P(Z<-1.9362)=0.0264

b)P(X>52000)=1-P(X<52000)=1-P(Z<(52000-33650)/7050)=1-P(Z<2.6028)=1-0.9954=0.0046

c)P(30000<X<38000)=P((30000-33650)/7050<Z<(38000-33650)/7050)=P(-0.5177<Z<0.6170)

=0.7314-0.3023=0.4291

d)for coresponding salary =mean +z*std deviaiton=33650+1.26*7050=42533

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