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problem: You have select biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted to medical school is about ten percent. If you are accepted to medical school, then your starting salary when you graduate will be 300,000 dollar per year. However, if you are not accepted, then you would choose to work in a 200, where you will earn 40,000 dollar per year. Without considering the additional educational years or the time value of money, determine your expected starting salary as well as the standard deviation of that starting salary? Show all work to receive full credit.

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Category:- Basic Finance
Reference No.:- M917652

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