To solve this problem, we need to use the concept of Z-score in statistics. The Z-score is a measure of how many standard deviations an element is from the mean.

Step 1: Identify the mean, standard deviation, and the value of interest. In this case, the mean (μ) is $40,000, the standard deviation (σ) is $5,000, and the value of interest (X) is $30,000.

Step 2: Calculate the Z-score using the formula: Z = (X - μ) / σ. Substituting the given values, we get Z = ($30,000 - $40,000) / $5,000 = -2.

Step 3: Look up the Z-score in the Z-table to find the probability. The Z-table tells us the probability that a value is below a certain Z-score. Since we want to find the probability that the salary is greater than $30,000, we need to find the probability that the Z-score is above -2.

The Z-table tells us that the probability of a Z-score being less than -2 is approximately 0.0228. However, we want the probability that the Z-score is greater than -2. So, we subtract the value from 1 (because the total probability is 1) to get 1 - 0.0228 = 0.9772.

So, the probability that a randomly selected individual with an MBA degree will get a starting salary greater than $30,000 is approximately 0.9772, or 97.72%.

Question

To solve this problem, we need to use the concept of Z-score in statistics. The Z-score is a measure of how many standard deviations an element is from the mean.

Step 1: Identify the mean, standard deviation, and the value of interest. In this case, the mean (μ) is $40,000, the standard deviation (σ) is $5,000, and the value of interest (X) is $30,000.

Step 2: Calculate the Z-score using the formula: Z = (X - μ) / σ. Substituting the given values, we get Z = ($30,000 - $40,000) / $5,000 = -2.

Step 3: Look up the Z-score in the Z-table to find the probability. The Z-table tells us the probability that a value is below a certain Z-score. Since we want to find the probability that the salary is greater than $30,000, we need to find the probability that the Z-score is above -2.

The Z-table tells us that the probability of a Z-score being less than -2 is approximately 0.0228. However, we want the probability that the Z-score is greater than -2. So, we subtract the value from 1 (because the total probability is 1) to get 1 - 0.0228 = 0.9772.

So, the probability that a randomly selected individual with an MBA degree will get a starting salary greater than $30,000 is approximately 0.9772, or 97.72%.

Knowee AI · Accepted Answer

To solve this problem, we need to use the concept of Z-score in statistics. The Z-score is a measure of how many standard deviations an element is from the mean.

Step 1: Identify the mean, standard deviation, and the value of interest. In this case, the mean (μ) is $40,000, the standard deviation (σ) is $5,000, and the value of interest (X) is $30,000.

Step 2: Calculate the Z-score using the formula: Z = (X - μ) / σ. Substituting the given values, we get Z = ($30,000 - $40,000) / $5,000 = -2.

Step 3: Look up the Z-score in the Z-table to find the probability. The Z-table tells us the probability that a value is below a certain Z-score. Since we want to find the probability that the salary is greater than $30,000, we need to find the probability that the Z-score is above -2.

The Z-table tells us that the probability of a Z-score being less than -2 is approximately 0.0228. However, we want the probability that the Z-score is greater than -2. So, we subtract the value from 1 (because the total probability is 1) to get 1 - 0.0228 = 0.9772.

So, the probability that a randomly selected individual with an MBA degree will get a starting salary greater than $30,000 is approximately 0.9772, or 97.72%.

The starting salaries of individuals with an MBA degree are normally distributed with a mean of $40,000 and a standard deviation of $5,000 What is the probability that a randomly selected individual with an MBA degree will get a starting salary greater than $30,000?

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