Question 1189639: 3. 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.
a. What is the probability of a new graduate receiving a salary between $45,000 and $50,000?
b. What is the probability of a new graduate getting a starting salary in excess of $55,000?
c. What percent of starting salaries is no more than $42,250?
d. What is the cutoff for the bottom 5% of the salaries?
e. What is the cutoff for the top 3% of the salaries?
Answer by ikleyn(52785)   (Show Source):
You can put this solution on YOUR website! .
3. 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.
a. What is the probability of a new graduate receiving a salary between $45,000 and $50,000?
b. What is the probability of a new graduate getting a starting salary in excess of $55,000?
c. What percent of starting salaries is no more than $42,250?
d. What is the cutoff for the bottom 5% of the salaries?
e. What is the cutoff for the top 3% of the salaries?
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Questions (a), (b) and (c) are to determine the area under the corresponding normal distribution curve for given z-scores.
Go to online (free of charge) normal distribution probability calculator
https://onlinestatbook.com/2/calculators/normal_dist.html
Input the given parameters of each question into the appropriate window of the calculator and get the answers
to your questions.
The calculator has perfect description and design, so EVERY person, even beginner, may work with it on his or her own,
even having minimum knowledge on the subject.
Questions (d) and (e) are to determine the z-scores for given area under the corresponding normal distribution curve.
For it, use the inverse normal calculator
https://onlinestatbook.com/2/calculators/inverse_normal_dist.html
and use it as instructed at this web-page.
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Or, alternatively, you may use your GRAPHING CALCULATOR.
See THIS Internet source / site
https://mathbits.com/MathBits/TISection/Statistics2/normaldistribution.htm
Find there EVERYTHING you need to know in clear and compact form
to solve this problem (and thousand other similar and different problems) ON YOUR OWN.
Happy calculations ( ! )
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