document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=61523>Question 61523</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please help.  I am having a hard time figuring this out. The book is Statstics for Management & Economics Abbreviates 7th Edition.\r<BR>\n" );
document.write( "\n" );
document.write( "The recent average starting salary for new college graduates in computer information systems is $47,500. Assume salaries are normally distributed with a standard deviation of $4,500. \r<BR>\n" );
document.write( "\n" );
document.write( "a)	What is the probability of a new graduate receiving a salary between $45,000 and $50,000?<BR>\n" );
document.write( "b)	What is the probability of a new graduate getting a starting salary in excess of $55,000?<BR>\n" );
document.write( "c)	What percent of starting salaries is no more than $42,250?<BR>\n" );
document.write( "d)	What is the cutoff for the bottom 5% of the salaries?<BR>\n" );
document.write( "e)	What is the cutoff for the top 3% of the salaries?<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #42417 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=42417\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The recent average starting salary for new college graduates in computer information systems is $47,500. Assume salaries are normally distributed with a standard deviation of $4,500. <BR>\n" );
document.write( "a) What is the probability of a new graduate receiving a salary between $45,000 and $50,000?<BR>\n" );
document.write( "P(45000<X<50000) = P ([45000-47500]/4500 < z < [50000-47500]/4500)=0.42<BR>\n" );
document.write( "------------------------<BR>\n" );
document.write( "b) What is the probability of a new graduate getting a starting salary in excess of $55,000?<BR>\n" );
document.write( "P(x>55000)= P(z>([55000-47500]/4500)=0.04779...<BR>\n" );
document.write( "------------------------<BR>\n" );
document.write( "c) What percent of starting salaries is no more than $42,250?<BR>\n" );
document.write( "P(X<=42,250) = P(z <= ([42250-47500]/4500) = 0.12167...<BR>\n" );
document.write( "---------------<BR>\n" );
document.write( "d) What is the cutoff for the bottom 5% of the salaries?<BR>\n" );
document.write( "The z-value associated with the bottom 5% is -1.64485<BR>\n" );
document.write( "Using the formula z=(X-mu)/sigma you get:<BR>\n" );
document.write( "4500(-1.64485)=X-47500<BR>\n" );
document.write( "X= $40,098.16<BR>\n" );
document.write( "-----------------<BR>\n" );
document.write( "e) What is the cutoff for the top 3% of the salaries?<BR>\n" );
document.write( "The z-value associated with the top 3% is 1.88079...<BR>\n" );
document.write( "Using the same formula <BR>\n" );
document.write( "4500(1.88079...)=X-47500<BR>\n" );
document.write( "X=$55963.57<BR>\n" );
document.write( "----------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.\r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );