The mean hourly pay rate for financial managers in the
The mean hourly pay rate for financial managers in the East North Central region is $32.62, and the standard deviation is $2.32 (Bureau of Labor Statistics, September 2005). Assume that pay rates are normally distributed.
a. What is the probability a financial manager earns between $30 and $35 per hour?
b. How high must the 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 the manager earned less than $28 per hour?
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