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d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences (to the nearest whole number)? 24 25955

d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences (to the nearest whole number)? 24 25955

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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According to the National Association of Colleges and Employers, the 2015 average starting salary for new college graduates in health sciences was $51,541. The average starting salary for new college graduates in business was $53,901 (National Association of Colleges and Employers website). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is $11,000. Assume that the standard deviation for starting salaries for new college graduates in business is $15,000. a. What is the probability that a new college graduate in business will earn a starting salary of at least $65,000 (to 4 decimals)? 0.2297 b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000 (to 4 decimals)? 0.1106 c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000 (to 4 decimals)? 0.1470 d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences (to the nearest whole number)? $4 25955
Transcribed Image Text:According to the National Association of Colleges and Employers, the 2015 average starting salary for new college graduates in health sciences was $51,541. The average starting salary for new college graduates in business was $53,901 (National Association of Colleges and Employers website). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is $11,000. Assume that the standard deviation for starting salaries for new college graduates in business is $15,000. a. What is the probability that a new college graduate in business will earn a starting salary of at least $65,000 (to 4 decimals)? 0.2297 b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000 (to 4 decimals)? 0.1106 c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000 (to 4 decimals)? 0.1470 d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences (to the nearest whole number)? $4 25955
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