Of the Statistics graduates of a University 30%, received a starting salary of $45,000.00. If 5 of them are randomly selected, find the probability that all the graduated had starting salary of $45,000.00.
What is (3/10)^5 ??
To find the probability that all the selected graduates had a starting salary of $45,000, we need to use the concept of independent events. Since the selection is random, we can assume that each selection is independent of the others.
The probability of selecting a graduate with a starting salary of $45,000 is 30%.
Since there are 5 graduates being selected, we can calculate the probability of selecting all of them with a starting salary of $45,000 by multiplying the probability of selecting one graduate with a starting salary of $45,000 by itself five times.
So, the probability of selecting all 5 graduates with a starting salary of $45,000 is:
P(All 5 graduates with $45,000 starting salary) = (0.30)^5
Calculating:
P(All 5 graduates with $45,000 starting salary) = (0.30) * (0.30) * (0.30) * (0.30) * (0.30)
P(All 5 graduates with $45,000 starting salary) = 0.00243
Therefore, the probability that all 5 selected graduates had a starting salary of $45,000 is 0.00243, or 0.243%.