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Expected annual compensation for a new hire for first year

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Reference no: EM132890800

Historical data indicates that the starting salary for a new MBA graduate in a leading management consulting firm can be modeled as a normal distribution with mean$100,000 and standard deviation $15,000. Second year salaries increase by 15%. The bonus each year, for the first and following years, can be modeled as a normal distribution with mean $25,000 and standard deviation $4500. Assume that the bonus is independent of the initial salary, and also independent from the annual salary increase. If annual compensation equals salary plus bonus, answer the following questions,

a) What is the expected annual compensation for a new hire for the first year?

b) What is the standard deviation of the annual compensation for a new hire for the first year?

c) What is the expected annual compensation for the second year in the firm?

d) What is the standard deviation of the annual compensation for the second year in the firm?

Reference no: EM132890800

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