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The mean hourly pay rate for financial managers in the East North Central region is $32.62...?
The mean hourly pay rate for financial managers in the East North Central region is $32.62, and the standard deviation is $2.32 (Bureau of Labor Statistics, September 2005). Assume that pay rates are normally distributed.
a. What is the probability a financial manager earns between $30 and $35 per hour?
b. How high must the hourly rate be to put a financial manager in the top 10% with respect to pay/
c. For a randomly selected financial manager, what is the probability the manager earned less than $28 per hour?
2 Answers
- Julius NLv 78 years agoFavorite Answer
a.
z = ( x - μ ) / σ = -1.1293
z = ( x - μ ) / σ = 1.0259
P (30.0000 < x < 35.0000) = P (-1.1293 < z < 1.0259) = 0.7181
b.
P (35.5932 < x) = P (1.2816 < z) = 0.1
c.
z = ( x - μ ) / σ = -1.9914
P (x < 28.0000) = P (z < -1.9914) = 0.0232
