(Solved) Assume that post MBA salaries are normally distributed with mean $77,500 and standard deviation $13,750 What is the probability that that a randomly selected MBA graduate (6 Marks) a) Earns more than $100,000? b) Earns less than $60,000? c) Earns between $75,000 and $95,000 d) Earns less than $55,000 or more than $80,000

Question:- 

 Assume that post MBA salaries are normally distributed with mean $77,500 and standard deviation $13,750 What is the probability that that a randomly selected MBA graduate (6 Marks)

 a) Earns more than $100,000?

 b) Earns less than $60,000? 

c) Earns between $75,000 and $95,000 

d) Earns less than $55,000 or more than $80,000

Answer :-

Detailed explanation is provided below:

Part A:-

Probability that earning is more than $100,000 

P(x>100000)= 1-p(x<100000)

When Earning capacity is more than $100000 p(x>100000)=0.0509

Part B:-

Probability that earning less than $60,000 

P(x<60000)

When earning capacity is less than $60,000 p(x<60000)=0.1015 

Part C:-

Probability that earning between $75,000 and $92000

P(75000<X<95000)

When earning capacity is between $75,000 and $95,000 p(75000<x<95000)=0.4747

Part D:-

Probability that earning less than $55000 or more than $80000

P(x<55000) or P(x>80000)

P(x<55000) or P(x>80000) = 0.4787

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