According to the U.S. Bureau of Labor Statistics, the median weekly real earnings for wage and salary
Question:
According to the U.S. Bureau of Labor Statistics, the median weekly real earnings for wage and salary workers 16 years and older in the first quarter of 2018 was $350. Assume weekly wages in the United States follow the normal distribution with a standard deviation of $80.
a. What is the probability that a randomly selected worker in the United States earned
1. less than $400 per week?
2. between $300 and $400 per week?
3. between $250 and $300 per week?
4. between $250 and $450 per week?
b. Confirm the answers to part a with Excel.
c. What weekly wage will a person earn if he or she is in the 45th percentile?
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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a 1 Px 400 07357 2 P300 x 400 P063 z 063 07357 02643 04714 3 P250 x 30...View the full answer
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