Suppose the annual employer 401(k) cost per participant is normally distributed with a standard deviation of $625,

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Suppose the annual employer 401(k) cost per participant is normally distributed with a standard deviation of $625, but the mean is unknown.

a. If 73.89% of such costs are greater than $1,700, what is the mean annual employer 401(k) cost per participant?

b. Suppose the mean annual employer 401(k) cost per participant is $2,258 and the standard deviation is $625. If such costs are normally distributed, 31.56% of the costs are greater than what value?

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Business Statistics for Contemporary Decision Making

ISBN: 978-0470910184

6th Edition

Authors: Ken Black

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Question Posted: Mar 19, 2013 04:21 AM

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Suppose the annual employer 401(k) cost per participant is normally distributed with a standard deviation of $625,

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s 625 a If 7389 of the values are greater than 1700 then 2389 or 23...View the full answer

Business Statistics for Contemporary Decision Making

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