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Determining the expected starting salary

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You have chosen biology as your college major because you would like to be a medical doctor. However, you did find that the probability of getting accepted in medical school is 10%. If you are accepted in medical school, then your starting salary when you graduate will be $300,000per year. However, if you are not accepted then you would choose to work in a zoo, where you will earn $40,000 per year. Without considering the additional education years or the time value of money, what is your expected starting salary as well a the standard deviation of that starting salary

Reference no: EM132796941

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