Professors at a Local University Earn an Average Salary of $80,000

question 1

Multiple Choice

Professors at a local university earn an average salary of $80,000 with a standard deviation of $6,000. With the beginning of the next academic year, all professors will get a 2% raise. What will be the average and the standard deviation of their new salaries?

• A) $80,000 and $6,120.
• B) $81,600 and $6,000.
• C) $81,600 and $6,120.
• D) $82,000 and $6,200.

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Definitions:

Full Amount

The complete or total sum of money required or specified, without deductions.

Ratify Contracts

The formal approval or confirmation of a contract, making it officially valid.

Principals

The main parties involved in a transaction or contract, typically who have the primary responsibility and interest in the agreement.

Agents

Individuals or entities authorized to act on behalf of another, known as the principal, in business transactions or negotiations.