The Average Starting Salary of This Year's MBA Students Is

question 8

Short Answer

The average starting salary of this year's MBA students is $45,000 with a standard deviation of $5,000. Furthermore, it is known that the starting salaries are normally distributed. What are the minimum and the maximum starting salaries of the middle 95% of MBA graduates?

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Definitions:

AASB 102

An Australian Accounting Standard Board regulation that specifies the accounting treatment for inventories, defining the costing methods and recognition criteria.

Inventories

Inventory held with the aim of disposal in customary business dealings, including products in the creation process intended for such deals, or as raw goods or stock for consumption in generating products or executing services.

Invoice Terms

Conditions specified on an invoice, including payment deadlines, cash discount opportunities, and penalties for late payment.

Replacement Cost

The cost to replace an asset with another of similar function and quality in its current condition.