Question

According to the National Association of Colleges and Employers, the average starting salary for new college graduates in health sciences was . The average starting salary for new college graduates in business was (National Association of Colleges and Employers website). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is . Assume that the standard deviation for starting salaries for new college graduates in business is .

Answer 1

0.110

0.230

Explanation:

Given :

In health :

Average salary, m = 51,541

Standard deviation, s = 11000

In Business :

Average salary, m = 53,901

Standard deviation, s = 15000

Since distribution is approximately normal ;

We can obtain the standardized scores and find the probability ;

Zscore = (x - mean) / standard deviation

Probability of earning salary if atleast $65,000

Health:

P(Z ≥ (65000 - 51541) / 11000) = P(Z ≥ 1.224) = 0.11048 (Z probability calculator)

Business :

P(Z ≥ (65000 - 53901) / 15000) = P(Z ≥ 0.740) = 0.22965 (Z probability calculator)

Hence, the probability of earning a starting salary of atleast $65,000 is :

Health = 0.11048

Business = 0.22965