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Salary Probability

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%.

$2.19