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According to the National Association of Colleges and Employers, the average starting salary for new college graduates in health sciences is $51,541. The average starting salary for new college graduates in business is $53,901 (National Association of Colleges and Employers website, January 5, 2015). Assume that starting salaries are normally distributed and that the standard deviation for starting salaries for new college graduates in health sciences is $11,000. Assume that the standard deviation for starting salaries for new college graduates in business is $15,000.
a. What is the probability that a new college graduate in business will earn a starting salary of at least $65,000?
b. What is the probability that a new college graduate in health sciences will earn a starting salary of at least $65,000?
c. What is the probability that a new college graduate in health sciences will earn a starting salary less than $40,000?
d. How much would a new college graduate in business have to earn in order to have a starting salary higher than 99% of all starting salaries of new college graduates in the health sciences?
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