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

Algebra ->  Probability-and-statistics -> 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      Log On


   

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) About Me  (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