Question

SOLVE WITHOUT EXCEL

The starting salaries for UCCS College of Business graduates in normally distributed with a mean of $50,000 with
a SD of $5,000.
34 What is the probability a random graduate will take a job paying exactly $57,500?
0
35 What is the probability a random graduate will have a job paying more than $57,500?
0.0668
36 What level of starting salary would put a graduate exactly at the top end of the 3rd quartile?
$53,350
37 What level of starting salary would put a graduate exactly at the bottom end of the 1st quartile?
$0

Please explain 36 and 37

Answer 1

Solution:-

Mean = 50,000 S.D = 5000

36) The level of starting salary would put a graduate exactly at the top end of the 3rd quartile is $53,375

p-value for the top end of 3rd quartile = 0.75

z-score for the p-value = 0.675

By applying normal distribution:-

x = 53375

37) The level of starting salary would put a graduate exactly at the bottom end of the 1st quartile is $0.

p-value for the bottom end of 1st quartile = 0.00

z-score for the p-value = - infinity

By applying normal distribution:-

x = 0