Assignment#2-2

Assignment#2-2 - Assignment #2 1. The average starting...

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Assignment #2 1. The average starting salary for this year's graduates at a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally distributed. a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400? b. Individuals with starting salaries of less than $15,600 receive a low income tax break. What percentage of the graduates will receive the tax break? c. What are the minimum and the maximum starting salaries of the middle 95% of the LU graduates? d. If 189 of the recent graduates have salaries of at least $32,240, how many students graduated this year from this university? 2. A machine at Katz Steel Corporation makes 3-inch long nails. The probability distribution of the lengths of these nails is normal with a mean of 3 inches and a standard deviation of 0.1 inch. The quality control inspector takes a sample of 25 nails once a week and calculates the mean length of this sample. If the mean of the sample is either
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This note was uploaded on 02/27/2012 for the course BUSINESS 101 taught by Professor All during the Spring '09 term at McGill.

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Assignment#2-2 - Assignment #2 1. The average starting...

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