Question: According to the U. S. Labor Department, average weekly wages in February 2013 were $ 822. Assume weekly wages in the United States follow the

According to the U. S. Labor Department, average weekly wages in February 2013 were $ 822. Assume weekly wages in the United States follow the normal with a standard deviation of $ 190.
a. What is the probability that a randomly selected worker in the United States earned
1. Less than $ 900 per week?
2. Between $ 800 and $ 920 per week?
3. Between $ 550 and $ 700 per week?
4. Between $ 750 and $ 1,100 per week?
b. Confirm the answers to part a with Excel or PHStat.
c. What weekly wage will a person earn if he or she is in the 45th percentile?

Step by Step Solution

★★★★★

3.35 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

b 1 10 NORMDIST25 222 65 TRUE 10 06667 03333 b 2 NORMDIST20 222 65 TRUE 03675 NORMDIST27 222 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

483-M-S-C-P-D (402).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

What is the probability that a randomly selected defendant either pled guilty or was sent to prison?

What is the probability that a randomly selected defendant either pled not guilty or was not sent to prison?

What is the probability that a randomly selected point within the rectangle at right is in the orange region? The blue region? tiot --10. To

According to the U.S. Labor Department, average weekly wages in February 2013 were $822. Assume weekly wages in the United States follow the normal distribution with a standard deviation of $190. a....

Take a look at the items below and think about whether research indicates that affirmative action has outlived its usefulness. Research shows that people who hire tend to notice value more quickly in...

2012 Annual Report Our \"bottom line\" ultimately depends on our ability to satisfy all of our stakeholders. Our goal is to balance the needs and desires of our customers, team members, shareholders,...

For this assignment, you will read the Electrolux and GE Appliances case study, which offers an analysis of the Electrolux?s valuation process during its acquisition of GE Appliances in August of...

CASE 03 Whole Foods Market in 2014: Vision, Core Values, and Strategy Arthur A. Thompson The University of Alabama ounded in 1980, Whole Foods Market had evolved from a local supermarket for natural...

The cost of equity is equal to the: a. Expected market return. b. Rate of return required by stockholders. c. Cost of retained earnings plus dividends. d. Risk the company incurs when financing.

The deli counter in BPHs cafeteria has a ticket dispenser in order to maintain FCFS processing. The mean arrival rate during the morning hours is 84 per hour. Each server can handle an average of 30...

Show that the centroid of the medial triangle of ? ? ? ? A B C is the centroid of ? ? ? ? A B C .

Explain the concept of income tax and financial reporting timing differences and related deferrals of income taxes.

Southwest Airlines is able to keep fares low, in part because of relatively low maintenance costs on its airplanes. One of the main reasons for the low maintenance costs is that Southwest flies only...

A large multinational banking company wants to determine whether there is a significant difference in the average dollar amounts purchased by users of different types of credit cards. Among the...

Is there a difference in the family demographics of people who stay at motels? Suppose a study is conducted in which three categories of motels are used: economy motels, modestly priced chain motels,...

Suppose a stock index contains the stock of 3 firms A, B and C The stock prices for the three firms are $54. 551 and $43, respectively. The fems have 81 million, 163 million and 121 mibon shar...

STATISTICS TUTORS Question: In its quest for knowledge, nursing has relied heavily on the positivist approach to scientific enquiry Phenomenological enquiry identifies the essence of a phenomenon and...

Question 1 0 What would be the expected price of a stock when dividends are expected to grow at a 2 5 % rate for three years, then grow at a constant rate of 5 % , if the stock's required return is 1...