Problem 5: Probability of Starting Salary Use the data in this tab to answer the

Question

Problem 5: Probability of Starting Salary Use the data in this tab to answer the following three questions. Assuming that this probability distribution conforms to the two rules of probability, what is: 1.       The probability that a randomly selected graduate earns between $75,001 and $85,000? 2.       The probability that a randomly selected graduate earns more than $35,001? 3.       The probability that a randomly selected graduate earns less than $55,001 GIVEN: Starting Salary Probability Less than $25,000 0.07 $25,001 - $35,000 0.15 $35,001 - $45,000 0.23 $45,001 - $55,000 0.33 $55,001 - $65,000 0.14 $65,001 - $75,000 0.05 $75,001 - $85,000 0.03 1 Show all your computations here. 1 1-sum(E10-E15) 0.03 2 sum(E12-E16) 0.78 3 sum(E10-E13) 0.78 Problem 5: Probability of Starting Salary Use the data in this tab to answer the following three questions. Assuming that this probability distribution conforms to the two rules of probability, what is: 1.       The probability that a randomly selected graduate earns between $75,001 and $85,000? 2.       The probability that a randomly selected graduate earns more than $35,001? 3.       The probability that a randomly selected graduate earns less than $55,001 GIVEN: Starting Salary Probability Less than $25,000 0.07 $25,001 - $35,000 0.15 $35,001 - $45,000 0.23 $45,001 - $55,000 0.33 $55,001 - $65,000 0.14 $65,001 - $75,000 0.05 $75,001 - $85,000 0.03 1 Show all your computations here. 1 1-sum(E10-E15) 0.03 2 sum(E12-E16) 0.78 3 sum(E10-E13) 0.78

Explanation / Answer

1. The probability that a randomly selected graduate earns between $75,001 and $85,000?

0.03

2. The probability that a randomly selected graduate earns more than $35,001?

0.23+0.33+0.14+0.05+0.03 = 0.78

3.       The probability that a randomly selected graduate earns less than $55,001

0.07+0.15+0.23+0.33 = 0.78

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