The average starting salary of this year's graduates of a large university (LU) is $62,000 with a standard deviation of $5,100. Furthermore, it is known that the starting salaries are normally distributed. What is the probability that a randomly selected LU graduate will have a starting salary of at least $63,000? 2. Individuals with starting salaries of less than $53,000 receive a free class. What percentage of the graduates will receive the free class? 1. What percent of graduates will have their salaries one standard deviation from the mean? List a salary that falls between 3 and 4 standard deviations above the mean. 34.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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