SOLUTION: The mean hourly pay rate for financial manager is $32.62 and the standard deviation $2.32, assume the pay rate are normally distributed.
a.) What is the probability that a financi
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Question 1199971: The mean hourly pay rate for financial manager is $32.62 and the standard deviation $2.32, assume the pay rate are normally distributed.
a.) What is the probability that a financial manager earns between $30 and $35 per hour.
b.) How high must be 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 that the manager earns less than $28 per hour.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
mean = 32.62
standard deviation = 2.32.
the calculator at https://davidmlane.com/hyperstat/z_table.html makes this easy.
the results for each questions are shown below:
a.) What is the probability that a financial manager earns between $30 and $35 per hour.
the probability is equal to .7181
b.) How high must be hourly rate be to put a financial manager in the top 10% with respect to pay.
the hourly rate must be greater than 35.593
c.) For a randomly selected financial manager, what is the probability that the manager earns less than $28 per hour.
the probability is equal to .0232
the calculator allows you to work directly with raw scores.
if you need to know how to do this with z-score, let me know.
theo
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