document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=60870>Question 60870</A>: <I><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. \r<BR>\n" );
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document.write( "a)	What is the probability of a new graduate receiving a salary between $45,000 and $50,000?\r<BR>\n" );
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document.write( "b)	What is the probability of a new graduate getting a starting salary in excess of $55,000?\r<BR>\n" );
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document.write( "c)	What percent of starting salaries is no more than $42,250?\r<BR>\n" );
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document.write( "d)	What is the cutoff for the bottom 5% of the salaries?\r<BR>\n" );
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document.write( "e)	What is the cutoff for the top 3% of the salaries?\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #43511 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=43511\">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( "Convert the 45000 and the 50000 to z-scores<BR>\n" );
document.write( "Then find the probability that z lies between those scores, as follows:<BR>\n" );
document.write( "P(45000<X<50000)=24%<BR>\n" );
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document.write( "b) What is the probability of a new graduate getting a starting salary in excess of $55,000?<BR>\n" );
document.write( "Convert 55000 to its z score. <BR>\n" );
document.write( "P(X>55000)=0.048<BR>\n" );
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document.write( "c) What percent of starting salaries is no more than $42,250?<BR>\n" );
document.write( "P(X<=42,250)= 0.1216...<BR>\n" );
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document.write( "d) What is the cutoff for the bottom 5% of the salaries?<BR>\n" );
document.write( "Find the z corresponding to lowest 5%; z=-1.645..<BR>\n" );
document.write( "Solve for X using z=[X-47500]/4500]<BR>\n" );
document.write( "X= $40,098.16<BR>\n" );
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document.write( "e) What is the cutoff for the top 3% of the salaries? <BR>\n" );
document.write( "The corresponding z score is 1.88<BR>\n" );
document.write( "X=4500*(1.88)+47500=$55,963.57<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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