Answer the following questions showing all work. Full credit will not be given t

Question

Answer the following questions showing all work. Full credit will not be given to answers without work shown. If you use Minitab Express include the appropriate output (copy + paste) along with an explanation. Output without explanation will not receive full credit. Round all answers to 3 decimal places. If you have any questions, post them to the course discussion board.

Total Graduate Management Admissions Test (GMAT) scores range from 200 to 800 in 10 point intervals with a mean of 545.6 and standard deviation of 121.07. The program that you want to enroll in requires a total GMAT score in the top 5% of the population. What is the minimum GMAT score that you need to obtain to be admitted?

Explanation / Answer

mean = 545.6, s = 121.07.
Area under the curve to the left of required score = 1 - 0.05 = 0.95

P(X < x) = P(Z < (x - mean)/s) = P(Z < (x-545.6)/121.07) = 0.95
For p = 0.95, z = 1.6449
Therefore, (x-545.6)/121.07 = 0.16449, x = 565.515

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