3) Last year the mean salary for professors in a particular community college was $62,000 with a standard deviation of $2000. A new two year contract is negotiated. In the first year of the contract, each professor receives a $1500 raise.
Find the mean and standard deviation for the first year of the contract.
b) In the second year of the contract, each professor receives a 3% raise based on their salary during the first year of the contract. Find the mean and the standard deviation for the second year of the contract.
