I need to know the answer and how to input it into excel or megastat please Ques
ID: 3310099 • Letter: I
Question
I need to know the answer and how to input it into excel or megastat please
Question
Wages have a mean of $22.91 and standard diviation of $2.83 per hour. Assume that wages are normally distributed (pretty close). What must your hourly wage be if you want to earn:
a. More than 25% (approximately) of all employees?
b. the 99th percentile (approximately) of all employees?
c. If picked at random, what is the probability that the employee will earn between $17.25 and $28.57?
d. if picked at random, what is probability that the employee will earn between $20.08 and $31.40
Explanation / Answer
a) for 25th percentile : from excel hourly wage =norm.inv(0.25,22.91,2.83)=21.00
b) for 99th percentile : from excel hourly wage =norm.inv(0.99,22.91,2.83)=29.49
c)P(17.25<X<28.57)==NORM.DIST(28.57,22.91,2.83,TRUE)-=NORM.DIST(17.25,22.91,2.83,TRUE)=0.9545
d) P(20.08<X<31.40)==NORM.DIST(31.40,22.91,2.83,TRUE)-=NORM.DIST(20.08,22.91,2.83,TRUE)=0.8400
please revert if any help is required