Question Details:
The average salary for graduates entering the accounting field is $40,000. If the salaries are normally distributed with the standard deviation of $5,000, find the probability that:
a.) An individual graduate will have a salary over $45,000.
b.) A group of nine graduates will have a group average over $45,000.
This is what I did, am I on the right track?
a.) Z = (x-?)/?
Z= (45,000-40,000)/5000
= 1
area= 0.3413 ( from z table)
so, 0.5000-0.3413=0.1587 or 15.87%
b.) Z= (-?)/(?/?n)
= (45,000-40,000)/(5000/?9
=5000/1666.66
= 3.00
0.5000+3.00=3.5
The average salary for graduates entering the accounting field is $40,000. If the salaries are normally distributed with the standard deviation of $5,000, find the probability that:
a.) An individual graduate will have a salary over $45,000.
b.) A group of nine graduates will have a group average over $45,000.
This is what I did, am I on the right track?
a.) Z = (x-?)/?
Z= (45,000-40,000)/5000
= 1
area= 0.3413 ( from z table)
so, 0.5000-0.3413=0.1587 or 15.87%
b.) Z= (-?)/(?/?n)
= (45,000-40,000)/(5000/?9
=5000/1666.66
= 3.00
0.5000+3.00=3.5