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In: Statistics and Probability

The average starting salary of this year's graduates of a large university (LU) is $20,000 with...

The average starting salary of this year's graduates of a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally distributed.

What are the minimum and the maximum starting salaries of the middle 95.4% of the LU graduates? (please show me how to get this in excel)

Solutions

Expert Solution

µ =    20000                          
σ =    8000                          
proportion=   0.9540                          
proportion left    0.0460   is equally distributed both left and right side of normal curve                       
z value at   0.023   = ±   1.995   (excel formula =NORMSINV(   0.05   / 2 ) )      
                              
z = ( x - µ ) / σ                              
so, X = z σ + µ =                              
X1 =   -1.995   *   8000   +   20000   =   4036.85 (minimum)   
X2 =   1.995   *   8000   +   20000   =   35963.15 (maximum)


orchestra answered 2 years ago
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