Question

1. The starting salaries of individuals with an MBA degree are normally distributed with a mean of $65,000 and a standard deviation of $15,000. What is the probability that a randomly selected individual with an MBA degree will have a starting salary of at least $50,000?

   	a.	0.8772
   	b.	0.7486
   	c.	0.8293
   	d.	0.8413

QUESTION 11

1. The starting salaries of individuals with an MBA degree are normally distributed with a mean of $65,000 and a standard deviation of $15,000. What is the lowest salary for those individuals with an MBA degree whose starting salary is in the top 40 percent?

   	a.	$66,400
   	b.	$63,750
   	c.	$68,750
   	d.	$72,600

Answer 1

ANSWER 1

The following information has been provided:

μ=65000, σ=15000

We need to compute Pr(X≥50000). The corresponding z-value needed to be computed is:

Therefore, we get that

The following is obtained graphically:

ANSWER 2

This is the closest answer to the real answer:

Using excel:

=NORM.INV(1-0.4,65000,15000)

= 68800.206547037 which is closest to 68,750

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