The Starting Salary of an Administrative Assistant Is Normally Distributed

question 22

Multiple Choice

The starting salary of an administrative assistant is normally distributed with a mean of $50,000 and a standard deviation of $2,500. We know that the probability of a randomly selected administrative assistant making a salary between μ − x and μ + x is 0.7416. Find the salary range referred to in this statement.

• A) $42,825 to $52,825
• B) $42,825 to $57,175
• C) $47,175 to $52,825
• D) $47,175 to $57,175

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Definitions:

Price Changes

Variations in the cost of goods and services over time, influenced by inflation, supply and demand, and market dynamics.

Risk Averse

A description of an individual or entity's preference for avoiding loss over making a gain, indicating a higher value placed on avoiding risk than on potential rewards.

Prospect Theory

A behavioral economic theory proposing that people value gains and losses differently, leading to value-driven decision-making rather than strictly rational.

"Low Fat"

A label indicating that a food product contains significantly less fat than the standard version.