SOLUTION: The average salary of merchandisers is $57,000 per year with a standard deviation of $7000. a. What is the probability that a merchandiser earns more than $72,000 per year?

Question 1118356: The average salary of merchandisers is $57,000 per year with a standard deviation of $7000.

a. What is the probability that a merchandiser earns more than $72,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.)

(my answer: 0.0162)

b. What is the probability that a merchandiser earns less than $43,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.)

(my answer: 0.02280
c. What is the probability that a merchandiser earns between $52,000 and $62,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.)

(my answer: 0.5222)

d. What is the probability that a merchandiser will earn between $46,000 and $68,000 per year? (Round z-score computation to 2 decimal places and the final answer to 4 decimal places.)

(My answer: 0.8836)

e. What is the average salary below which 17% of the merchandisers earn? (Round the final answer to the nearest whole number.)

f. What is the average salary above which the top 10% of the merchandisers earn? (Round the final answer to the nearest whole number.)

Found 2 solutions by Boreal, stanbon:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
z=(x-mean)/sd
based on this
a.Correct
b.Correct
c.I get 0.5223, almost the same
d.Correct
e.using z of -0.95, (x-57000)/7000=-0.95, and x=$50,350
f.using z of +1.28, $65,960
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The average salary of merchandisers is $57,000 per year with a standard deviation of $7000.
e. What is the average salary below which 17% of the merchandisers earn? (Round the final answer to the nearest whole number.)
Find the z-value with a left tail of 0.17
invNorm(0.17) = -0.9542
Find the corresponding salary value.
x = z*s+u = -0.9542*7000+57000 = $50320.84
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f. What is the average salary above which the top 10% of the merchandisers earn? (Round the final answer to the nearest whole number.)
Find the z-value with a right tail of 0.10
invNorm(0.90) = 1.2816
Ans: x = 1.2816*7000+57000 = $65970.86
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Cheers,
Stan H.

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