SOLUTION: The monthly salary in a big organization is normally distributed with mean Rs. 3000, and standard deviation of Rs. 250. What should be the minimum salary of a worker in the organiz

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Question 1078213: The monthly salary in a big organization is normally distributed with mean Rs. 3000, and standard deviation of Rs. 250. What should be the minimum salary of a worker in the organization so that the probability that he belongs to top 5% workers.

Answer by stanbon(75887) About Me  (Show Source):
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The monthly salary in a big organization is normally distributed with mean Rs. 3000, and standard deviation of Rs. 250. What should be the minimum salary of a worker in the organization so that the probability that he belongs to top 5% workers.
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Find the z-value with a right tail of 5%.
invNorm(0.95) = 1.645
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Find the corresponding salary value::
x = z*s + u
x = 1.645*250 + 3000 = Rs 3411.21
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Cheers,
Stan H.
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