Question

In: Math

According to the National Association of Colleges and Employers, the 2015 mean starting salary for new...

According to the National Association of Colleges and Employers, the 2015 mean starting salary for new college graduates in health sciences was $51,541. The mean 2015 starting salary for new college graduates in business was $53,901. † 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 $17,000.

(a) What is the probability that a new college graduate in business will earn a starting salary of at least $61,000? (Round your answer to four decimal places.)

(b) What is the probability that a new college graduate in health sciences will earn a starting salary of at least $61,000? (Round your answer to four decimal places.)

(c) What is the probability that a new college graduate in health sciences will earn a starting salary less than $42,000? (Round your answer to four decimal places.)

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

Solutions

Expert Solution



Related Solutions

According to the National Association of Colleges and Employers, the 2015 mean starting salary for new college graduates in health sciences was $51,541.
  According to the National Association of Colleges and Employers, the 2015 mean starting salary for new college graduates in health sciences was $51,541. The mean 2015 starting salary for new college graduates in business was $53,901. † 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 $17,000. (a) What...
Getting a Job. The National Association of Colleges and Employers sponsors the Graduating Students and Alumni...
Getting a Job. The National Association of Colleges and Employers sponsors the Graduating Students and Alumni Survey. Part of the survey gauges student optimism in landing a job after graduation. According to one year’s survey results among the 1218 respondents, 733 said they expected difficulty finding a job. a. Use the data to find and interpret a 95% confidence interval for the proportion of students who expect difficulty finding a job. b. What is the margin of error?
According to a national business travel association a 2010 survey, the average salary of a travel...
According to a national business travel association a 2010 survey, the average salary of a travel management professional is $96,850. Assume that the standard deviation of such salaries is $30,000. Consider a random sample of 50 travel management professionals and let Xbar represent the mean salary for the sample. A. What is u xbar. B. What is Standard deviation of x bar. C. Describe the shape of the distribution. D. Find the z-score for the value of xbar= 89,500 E....
According to the National Automobile Dealers Association, the mean price for used cars is $10,192. A...
According to the National Automobile Dealers Association, the mean price for used cars is $10,192. A manager of a Kansas City used car dealership reviewed a sample of 50 recent used car sales at the dealership in an attempt to determine whether the population mean price for used cars at this particular dealership differed from the national mean. The prices for the sample of 50 cars are shown. Sale Price 12400 10400 12100 10000 11000 8895 7675 9975 6350 10470...
According to data from the National Association of Home Builders, the average size of new homes...
According to data from the National Association of Home Builders, the average size of new homes in the United States was 2320 square feet in a recent year. Suppose a random sample of 400 new homes was taken and the mean of this sample showed the average size of the homes was 2365 square feet. With a population standard deviation of 312 square feet can you accept the claim that home data from the National Association of Home Builders is...
The average starting salary of students who graduated from colleges of Business in 2009 was $48,800....
The average starting salary of students who graduated from colleges of Business in 2009 was $48,800. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $7000. We want to determine whether or not there has been a significant increase in the starting salaries. a. State the null and alternative hypotheses to be tested. b. Compute the test statistic. c. The null hypothesis is to...
The average starting salary of students who graduated from colleges of Business in 2009 was $48,400....
The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis (1.5 marks) Step 2. Standardized test statistic formula (1 mark) Step 3. State the level...
The National Collegiate Athletic Association (NCAA) restricts the amount that colleges and universities may pay their...
The National Collegiate Athletic Association (NCAA) restricts the amount that colleges and universities may pay their student-athletes. Suppose that there are just two colleges in the NCAA: Ivy and State. Each must choose between paying athletes according to NCAA rules and paying more. If both Ivy and State follow the NCAA salaries, then each would earn $3 million. If one follows the NCAA salaries and the other pays more than NCAA salaries, then the college paying more can attract better...
10. The National Collegiate Athletic Association (NCAA) requires colleges to report the graduation rates of their...
10. The National Collegiate Athletic Association (NCAA) requires colleges to report the graduation rates of their athletes. Here are data from a Big Ten university's report. For parts a and b, state your hypotheses, the test statistic and p-value, and then write a conclusion in terms of the problem. (a) Ninety-five of the 147 athletes admitted in 1989-1991 graduated within six years. Did the percent of athletes who graduated within six years differ significantly from the all-university percentage, which was...
The National Collegiate Athletic Association (NCAA) restricts the amount that colleges and universities may pay their...
The National Collegiate Athletic Association (NCAA) restricts the amount that colleges and universities may pay their student athletes. Suppose that there are just two colleges in the NCAA: Ivy and State. Each must choose between paying athletes according to NCAA rules and paying more. If both Ivy and State follow the NCAA salaries, then each would earn $3 million. If one follows the NCAA salaries and the other pays more than NCAA salaries, then the college paying more can attract...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT