Refer to Exhibit 3. What is the probability that a randomly selected individual

Question

Refer to Exhibit 3. What is the probability that a randomly selected individual with a A degree will get a starting salary of at least $47,500 25. MB a. 0.4332 b. 0.9332 C. d. 0.5000 0.0668 26. Refer to Exhibit 3. What is the probability that a randomly selected MBA will have starting salaries of $34,000 to $46,000? a. b. C. d. 38.49% 38.59% 50% 76.98% 27. Refer to Exhibit 3. Suppose we take a sample of 100 MBAs, the sample average of their starting salary is $50,000. What is the standard error of the mean?

Explanation / Answer

Note: Exhibit 3 is not given. Assuming the distribution given is normal

25) Use the formula for Z = (X - Mean)/Std. dev.
Find the probability corresponding to, P(Z >= (47500 - Mean)/SD)

26) P(Z < (46000 - Mean)/SD) - P(Z < (34000 - Mean)/SD)

27) Standard error = SD/Sqrt(n) = SD/sqrt(100) = SD/10

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