You have a new job-median salary 100,000--the standard deviation is $10,000 and salaries are normally distributed:
a. What is the probability your salary will be between $85,000-100,000?
b. Probability salary will be between 105,000-110,000?

c. minimum salary you must earn to be in the top 5% of earners?

Thanks

Solution Preview

you have a new job-median salary 100.000--the standard deviation is $10,000 and salaries are normally distributed:

a. what is the probability your salary will be between $85,000-100,000?

Let X be the salary. Then we know that X follows a normal distribution with mean mu=100,000 and ...

Solution Summary

This solution calculates the probability of the salary being between specific intervals with step-by-step calculations. It also determines the minimum salary to earn to be in the top 5%.

... (a) Set up the matrix of transition probabilities in the form ... (d) What is the probability that an ...Salary in Next Year Salary in Current Year Remains Unchanged ...

... value the insurance company must pay is 71/490. The solution contains the determination of the constant and Expected value of a probability density function. ...

... detailed steps on calculating various probabilities and confidence ... 4. What is the probability that the income ... your results) 5. Find the salary that represents ...

... The Solutions provide the required probabilities for Question 1 ... 1. Suppose the salary of assembly line workers has ... a) What is the probability that a randomly ...

... randomly selected homes, find the probability that their ... C, and explain why the probabilities changed ... publication claims that the average salary for executives ...

... level 3), determine the following probabilities: i. Social ... c. Be sure that answers to probability values are ... to the 4th decimal place Salary Education Level 1 ...