To be admitted to a top MBA (Master's in Business Administration) program, an applicant must score in the upper 4% of the GMAT (Graduate Management Admission Test). Assuming that GMAT scores are normally distributed, what is the minimum score needed to be admitted to the program? Assume that the mean GMAT score is 550 points with a standard deviation of 125 points. Round the final answer to a whole number.

To find the minimum GMAT score needed to be admitted to the top MBA program, we calculate the z-score for the upper 4% of GMAT scores. The minimum score needed is 665 points.

Explanation:

To find the minimum GMAT score needed to be admitted to the top MBA program, we need to calculate the z-score for the upper 4% of the GMAT scores. The z-score represents the number of standard deviations a data point is from the mean.

The formula for calculating the z-score is: z = (x - μ) / σ, where x is the data point, μ is the mean, and σ is the standard deviation.

In this case, since we want to find the minimum score, we need to find the z-score that corresponds to the upper 4% level, which is the same as finding the z-score for the lower 96% level.

We can use a standard normal distribution table or a calculator to find the z-score that corresponds to a cumulative probability of 0.96. Once we have the z-score, we can solve for x using the formula: x = (z * σ) + μ.

Substituting the values given in the question, we have: x = (z * 125) + 550.

Rounding the answer to a whole number, the minimum GMAT score needed to be admitted to the top MBA program is 665 points.

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