While starting salaries have fallen for college graduates in many of the top hiring fields, there is some good news for business undergraduates with concentrations in accounting and finance (Bloomberg Business week, July 1, 2010). According to the National Association of Colleges and Employers’ summer 2010 Salary Survey, accounting graduates commanded the second highest salary at $50,402, followed by finance graduates at $49,703. Let the standard deviation for accounting and finance graduates be $6,000 and $10,000, respectively.
1. What is the probability that 100 randomly selected accounting graduates will average more than $52,000 in salary?
2. What is the probability that 100 randomly selected finance graduates will average more than $52,000 in salary?