Question

The average starting salary for this year's graduates at a large university (LU) is $20,000 with

a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally
distributed.
a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400?
b. What is the probability that a randomly selected LU graduate will have a salary of
exactly $30,400?
c. Individuals with starting salaries of less than $15600 receive a low income tax break. What percentage of the graduates will receive the tax break?
d. If 189 of the recent graduates have salaries of at least $32240, how many students
graduated this year from this university?

Answer 1

(a) 0.0968 (b) the probability that a randomly selected LU graduate will have a salary of exactly $30,400 is 0.0000 (c) 29.12% (d) 3000 students graduates this year from this university

Step-by-step explanation:

Solution

For the problem given,

The average salary starting for this year's graduates at a large university (LU) is = 20,000

So,

The mean μ = $ 20,000

Standard deviation is б = $ 8000

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