Question 591563: The average starting salary of this year's MBA students is $35,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed. What are the minimum and the maximum starting salaries of the middle 95% of MBA graduates?
Answer by nerdybill(7384)   (Show Source):
You can put this solution on YOUR website! The average starting salary of this year's MBA students is $35,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed. What are the minimum and the maximum starting salaries of the middle 95% of MBA graduates?
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95% is two standard deviations from normal:
(35000-2(5000)) - (35000+2(5000))
(35000-10000) - (35000+10000)
$25,000 - $45000
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minimum: $25,000
maximum: $45,000
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