A company pays its employees an average wage of 525 per hour...

A company pays its employees an average wage of $5.25 per hour with a standard deviation of 60 cents. If wages are approximately normally distributed a) What percentage of the employees receive wages between $4.75 and $5.69 per hour b) What percentage of the employees receive wages less than $4.75 c) What percentage of the employees receive wages more than $5.69 d) What percentage of the employees receive wages equal to $5.25

Transcript

00:01 All right, in your question, you're told a company pays its employees an average of $5 .25 an hour with the standard deviation of 60 cents.

00:09 You're also told that the salaries are normally distributed, and you're asked to find the following probabilities.

00:18 Okay, so the probability from 475 to 569, you can see i've set that up in a normal model, and we're interested in the percentage in this region.

00:32 It's basically what we're looking for.

00:35 Okay, so a process that you would want to use here, a program you want to use, i should say, it's called normal cdf.

00:45 Now, i'm using a t .i .84 calculator, and you would do that by hitting the second, and then the distribution key.

00:53 The first thing it's going to ask you for is the lower boundary, which is 475.

00:59 Then it's going to ask you for the upper boundary, which is 569.

01:03 And it's going to ask for the mean, which is 525.

01:07 And finally, the standard deviation, which is 0 .6.

01:11 Okay, i'm going to type all that information in.

01:14 And if you don't have a ti -84, you can do that on many online calculators as well.

01:21 It's called the same program.

01:30 All right, so the probability answer for part a or the percentage, we were asked to find the percentage.

01:37 So i'm going to say 56.

01:46 56 .6%.

01:48 Okay, your question does not state where i'm to round that to, so we're just going to take it out to one decimal place.

01:56 Okay, moving on, if you didn't have access to a calculator, you could go ahead and attempt to find a z score for these values.

02:05 The z score would be the data value itself minus the mean divided by the standard deviation.

02:16 And that works out to be, for this one, 0 .83 repeating.

02:22 Then you could go attempt to look at a z table and try to find the area for that value...

Question

Please give Ace some feedback