1. John has two jobs. For daytime work at a jewelry store he is paid $15,000 per
ID: 3203143 • Letter: 1
Question
1. John has two jobs. For daytime work at a jewelry store he is paid $15,000 per month, plus a commission. His monthly commission is normally distributed with mean $10,000 and standard deviation $2,000. John's income levels from these two sources are independent of each other. Use this information to answer the following questions: a. for a given month, what is the probability that John's commission from the jewelry store is less than $13,000? b. for a given month, what is the probability that John's commission from the jewelry store is at least $12,000? c. for a given month, what is the probability that John's commission from the jewelry store is between $11,000 and $12,000? d. the probability is 0.95 that John's commission from the jewelry store is at least how much in a given month? e. the probability is 0.75 that John's commission from the jewelry store is less than f. how much in a given month?
Explanation / Answer
John has two jobs. For daytime work at a jewelry store he is paid $15,000 per month, plus a commission. His monthly commission is normally distributed with mean $10,000 and standard deviation $2,000. John's income levels from these two sources are independent of each other. Use this information to answer the following questions:
a. for a given month, what is the probability that John's commission from the jewelry store is less than $13,000?
Ans:Z=13000-10000/2000
=1.5
the probability that John's commission from the jewelry store is less than $13,000 is
=NORMSDIST(1.5)=0.9331=93.31%
c. for a given month, what is the probability that John's commission from the jewelry store is between $11,000 and $12,000?
Ans:Z=11000-10000/2000
=0.5
=NORMSDIST(0.5)=0.6914
Z=12000-10000/2000
=1
=NORMSDIST(1)=0.8413
the probability that John's commission from the jewelry store is between $11,000 and $12,000 is
0.8413-0.6914
=0.1499
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