Complete Question
A recent study found that hourly wages earned by employees possessing a master's degree are distributed normally with a mean of $27.50 and standard deviation of $3.50
At a recent job fair, Intel boasted that they paid master's graduates more than 90% of all
employers. If we interpret their claim as a percentile, what hourly wage must they offer
employees with master's degrees?
Answer:
The value is [tex]x = \$31.986 [/tex]
Step-by-step explanation:
From the question we are told that they paid master's graduates more than 90% of all
Generally from the z-table the z-score for 90% is [tex]z = 1.282[/tex]
This z-score can be mathematically represented as
[tex]z = \frac{x - \mu }{\sigma}[/tex]
Here x is the hourly wage they offer employees with master's degrees
substituting $27.50 for [tex]\mu [/tex] and $3.50 for [tex]\sigma [/tex] we have
[tex]1.282 = \frac{x - 27.50 }{3.50}[/tex]
=> [tex]x = \$31.986 [/tex]
