Problem 6.3 You have chosen biology as your college major because you would like to be...

Problem 6.3

You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted to medical school is about 10 percent. If you are accepted to medical school, then your starting salary when you graduate will be $274,000 per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $45,000 per year. Without considering the additional years, you would spend in school if you study medicine or the time value of money.


	Your answer is correct.

What is your expected starting salary? (Round answer to 2 decimal places, e.g. 15.25.)

Expected starting salary

SHOW SOLUTION

SHOW ANSWER

LINK TO TEXT


	Your answer is incorrect. Try again.

What is the standard deviation of that starting salary? (Round answer to 2 decimal places, e.g. 15.25.)

Standard deviation

Solutions

Expert Solution

Expected Salary = $67900.00

Standard Deviation = $68700.00

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

You have chosen biology as your college major because you would like to be a medical...

You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted into medical school is about 10 percent. If you are accepted into medical school, then your starting salary when you graduate will be $300,000 per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $40,000 per year. Without considering the additional educational years...

You have chosen biology as your college major because you would like to be a medical...

You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted to medical school is about 20 percent. If you are accepted to medical school, then your starting salary when you graduate will be $250,000 per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $39,000 per year. Without considering the additional years you...

You have chosen biology as your college major because you would like to be a medical...

You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted to medical school is about 16 percent. If you are accepted to medical school, then your starting salary when you graduate will be $316,000 per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $44,000 per year. Without considering the additional years, you...

5.78 A selective college would like to have an entering class of 1000 students. Because not...

5.78 A selective college would like to have an entering class of 1000 students. Because not all studets who are offered admission accept, the college admits more than 1000. Past experience shows that about 83% of the students admitted will accept. The college decides to admit 1200 students.Assuming that students make their decisions independently, the number who accept his the B(1200, 0.83) distribution. If this number is less than 1000, the college will admit students from its waiting list. a...

What type of leadership you would like to become in future in leading your chosen company...

What type of leadership you would like to become in future in leading your chosen company allocated in Oman ? Why? Justify your answer. (5 marks) 250 words

Your dad would like to finance you to complete college. He agrees to lend you $12,000...

Your dad would like to finance you to complete college. He agrees to lend you $12,000 on your 21st birthday when you join college and agrees to increase the amount lent each year by $2,000 for the next 3 years. If you have to pay him back $18,000 per year on your 28th birthday to your 32nd birthday, what internal rate of return per year compounded yearly did you end up paying for the amount borrowed from your dad? 3.5%...

Assume that you are planning to have a party at your house. You really would like...

Assume that you are planning to have a party at your house. You really would like to have the party outside in the sun, but there is a chance that it might rain. You have two decisions to make – whether or not you will watch the forecast and then whether to have the party inside or outside. If you choose to watch the forecast, it will either tell you that the weather will be sunny or that it will...

You have a calico cat and you would like her to have some kittens. Your friend...

You have a calico cat and you would like her to have some kittens. Your friend has a black male cat and she wants some kittens too, so you decide to breed the two cats. They have 4 kittens: 1 black male, 1 black female, 1 yellow male, and 1 calico female. How do you explain this outcome? -The yellow coat color is dominant, and some of the germ cells in your calico female were carrying the yellow gene. -...

You would like to have $73,629 each year of your retirement. Your retirement will last for...

You would like to have $73,629 each year of your retirement. Your retirement will last for 41 years and start 29 years from today. How much would you have to invest, each year, starting next year, for 17 years to exactly pay for the down payment if your investments earn 4.25% APR compounded annually?

(Logic) Bookstores like education, because national data show that 71% of college graduates have read a...

(Logic) Bookstores like education, because national data show that 71% of college graduates have read a book in the past year, compared to 54% of the general population age 18 and over. The data also show the nationwide average educational level to be 13 years of schooling completed, with an SD of about 3 years, for persons age 18 and over. A bookstore is doing a market survey in a certain county, and takes a simple random sample of 1,000...

Subjects