Question 1
The average starting salary of this year's MBA students is $35,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed. What are the minimum and the maximum starting salaries of the middle 95% of MBA graduates?
Question 2
The average starting salary of this year’s graduates of a large university (LU) is $25,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed.
| a. | What is the probability that a randomly selected LU graduate will have a starting salary of at least $31,000? |
| b. | Individuals with starting salaries of less than $12,200 receive a low income tax break. What percentage of the graduates will receive the tax break? |
| c. | What are the minimum and the maximum starting salaries of the middle 95% of the LU graduates? |
| d. | If 68 of the recent graduates have salaries of at least $35,600, how many students graduated this year from this university? |
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