Question

While the average starting salary for graduates with an MBA degree varies depending on the university...

While the average starting salary for graduates with an MBA degree varies depending on the university attended and field of emphasis, one source shows a 2015 median annual starting base salary of $100,000 (source: Claire Zillman, “Congrats, MBA grads! You’re getting a $45,000 raise,” http://fortune.com, May 19, 2015). Assuming that starting salaries are normally distributed and the standard deviation is $20,000, what is the probability that a random sample of 100 MBA graduates will have a mean starting salary of $96,000 or less?

Math   Statistics-And-Probability   
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Answer #1

Answer:-

Given that:-

The mean salary for graduates with an MBA degree is

A random sample considered is n=100

The standard deviation of the random sample is sd=20000

It is required to find the probability that the mean starting salary is 96000 or less.

This implies;

  

Hence, the probability that the mean starting salary 96000 or less is 0.02275.

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