QuestionThe average starting salary for this year's graduates at a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that starting salaries are normally distributed. a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400? b . What is the probability that a randomly selected LU graduate will have a salary of exactly $30,400? c. Individuals with starting salaries of less than $15600 receive a low-income tax break. What percentage of the graduates will receive the tax break? d. If 189 of the recent graduates have salaries of at least $32240, how many students graduated this year from this university?

QuestionThe average starting salary for this year's graduates at a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that starting salaries are normally distributed. a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400? b . What is the probability that a randomly selected LU graduate will have a salary of exactly $30,400? c. Individuals with starting salaries of less than $15600 receive a low-income tax break. What percentage of the graduates will receive the tax break? d. If 189 of the recent graduates have salaries of at least $32240, how many students graduated this year from this university?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400?

b . What is the probability that a randomly selected LU graduate will have a salary of exactly $30,400?

c. Individuals with starting salaries of less than $15600 receive a low-income tax break. What percentage of the graduates will receive the tax break?

d. If 189 of the recent graduates have salaries of at least $32240, how many students graduated this year from this university?

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