A company is offering 401k matching retirement plan for its employees who stay with the company...
A company is offering 401k matching retirement plan for its employees who stay with the company for more than 10 years. The company's CFO finds that the average retirement account holds $490,000, with a standard deviation of $55,000, distributed normally.
Use Excel to calculate the amount of money that separates the lowest 20% of the means of retirement accounts from the highest 80% in a sampling of 80 employees.
Homework Answers
We are provided with the following information:
n = 80
Therefore:
We need to find x such that:
Using excel we have:
=NORM.INV(0.2,490000,55000/SQRT(80))
=484824.713703665
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