The Average Starting Salary of Individuals with a Master's Degree

question 31

Multiple Choice

The average starting salary of individuals with a master's degree in statistics is normally distributed with a mean of $48,000 and a standard deviation of $6,000. What is the probability that a randomly selected individual with a master's in statistics will get a starting salary of at least $55,000?

• A)0.121
• B)0.891
• C)0.379
• D)0.098

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Definitions:

Accounts Receivable

Represents the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Supplies

Items used in the operation of a business that are consumed or are not permanent, such as paper, pencils, and cleaning materials.

Net Income

The net income a company achieves following the deduction of all costs, taxes, and expenses from its total earnings.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the owners' share.