Question

From a survey taken several years ago, the starting salaries of individuals with an undergraduate degree from Business Schools are normally distributed with a mean of $40,500 and a standard deviation of $4,500.What is the probability that a randomly selected individual with an undergraduate business degree will get a starting salary of at least $36,000.00? (Round your answer to 4 decimal places.)

Answer 1

Answer: 0.8413

Explanation:

Given: Mean :
`\mu=\$40,500`

Standard deviation :
`\sigma = \$4,500`

The formula to calculate z-score is given by :_

`z=(x-\mu)/(\sigma)`

For x= $36,000.00, we have

`z=(36000-40500)/(4500)=-1`

The P-value =
`P(z\geq-1)=1-P(z<-1)=1-0.1586553=0.8413447\approx0.8413`

Hence, the probability that a randomly selected individual with an undergraduate business degree will get a starting salary of at least $36,000.00 = 0.8413