A company pays its employees an average wage of $15.90 an hour with a standard deviation...
A company pays its employees an average wage of $15.90 an hour with a standard deviation of $1.50. If the wages are approximately normally distributed and paid to the nearest cent,
(a) what percentage of the workers receive wages between $13.75 and $16.22 an hour inclusive?
(b) the highest 5% of the employee hourly wages is greater than what amount?
Homework Answers
Given that,
X represents that the wages are approximately normally distributed with mean
, and the standard deviation
.
a)
Now, we want to find the percentage of the workers receive wages between $13.75 and $16.22 an hour inclusive
Hence
Therefore, 51% of the workers receive wages between $13.75 and $16.22.
b)
Now, we want to find how much of amount is greater than the highest 5% of the employee hourly wages
From Table A.3
Therefore,
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