The average starting salary of this year's graduates of a large university (LU) is $25,000 with a standard deviation of $5,000. 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 $31,000?b.Individuals with starting salaries of less than $12,200 receive a low income tax break. What percentage of the graduates will receive the tax break?c.What are the minimum and the maximum starting salaries of the middle 95% of the LU graduates?d.If 68 of the recent graduates have salaries of at least $35,600, how many students graduated this year from this university?
What will be an ideal response?
| a. | 0.1151 |
| b. | 0.51% |
| c. | 15,200, 34,800 |
| d. | 4,000 |
Business
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