Bloomberg News reported on a settlement in which Walmart agreed to pay $40 million to up to 87,500 employees because the company had failed to pay overtime, allow rest and meal break and, in addition, manipulated time cards. Eligible present and former employees would receive $400 to $2,500 each - on average $734. The lawyers for the employees asked for fees of $15.2 million from the $40 million. [R188] (a) Compute the mean compensation, assuming that there are 87.500 eligible employees and that the lawyers have taken their cut. (b) Compare your answer to the reported minimum compensation of $400 and the reported $734 the average worker will receive. (c) Draft a letter to the editor or the reporter politely pointing out that both the reported "averages" made no sense and asking for more detail or a correction.

Bloomberg News reported on a settlement in which Walmart agreed to pay $40 million to up to 87,500 employees because the company had failed to pay overtime, allow rest and meal break and, in addition, manipulated time cards. Eligible present and former employees would receive $400 to $2,500 each - on average $734. The lawyers for the employees asked for fees of $15.2 million from the $40 million. [R188] (a) Compute the mean compensation, assuming that there are 87.500 eligible employees and that the lawyers have taken their cut. (b) Compare your answer to the reported minimum compensation of $400 and the reported $734 the average worker will receive. (c) Draft a letter to the editor or the reporter politely pointing out that both the reported "averages" made no sense and asking for more detail or a correction.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: John Does is married and claims 3 withholding allowances. He collects overtime pay when he works…

A: Calculate Gross Pay: Regular Pay: 40 hours * $22.50 per hour = $900Overtime Pay: (45.5 hours - 40…

Q: You have a charge card. You receive a bill, dated June 5. Your balance fluctuated during the 31-day…

A: Formula Used: Average = ∑FX∑F

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in…

A: We will make a table for statement of owner's Equity

Q: A single woman earned wages of $57,000, received $2500 in interest from various accounts, and…

A: Gross Income = 57000 + 2500 = 59500 Adjusted Gross Income = Gross Income - adjustments (In this case…

Q: Apex Bank checking accounts pay 0.4% interest on all balances and charge the following fees: Check…

A: Give the answer using the above information

Q: As the payroll manager for a particular company, your task is to complete the following weekly…

A: From the data given in the table , the total number of hours can be calculated by adding all hours…

Q: The Adeeva's gross monthly income is $6600. They have 18 remaining payments of $350 on a new car.…

A: A mortgage loan is an installation loan that allows a home buyer to repay both interest and…

Q: An invoice dated January 15th , in the amount of $12,500 has the following terms: 2/10, n/30. This…

A: topic- discount calculation term 2/10 signifies if amount is paid with in 10 days,2% discount will…

Q: Garnette Corp is considering the purchase of a new machine that will cost $342,000 and provide the…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single man with…

A: Taxable income is $13000 According to the chart, Upto 9275 the tax is 10% From 9276 to 37000 the…

Q: Jamshed purchased six $1153 bonds at a closing rate of 113.91%. If the brokerage is $5 per bond,…

A: We will find the purchase price as following.

Q: Amanda recieves an invoice from Staples dated November 2nd, 2015 for $1,500 vith terms 6/4, 2/14,…

A: a. The number of days between the date of the invoice and the payment date can be calculated as…

Q: Which of the following would NOT be included in accounts payable? A. Utility bills B. Salaries…

A: Approach to solving the question: Analyze the question. Detailed explanation:Accounts Payable…

Q: Three invoices for the amounts of $35,200, $28,000, and $40,450 were received on December 17, 2014,…

A: 3/7 means a 3% discount if paid within seven days after the date of invoice. 2/30 means a 2%…

Q: An invoice for $620 dated November 5 with payment terms of 3/10, 2/15, n/30, was paid in full on…

Q: An invoice dated November 25, 2021 for $2.022 had the terms 3/15, 1.5/30, n45 EOM, What amount must…

A: Please see the attachment

Q: Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid…

A: Given jill lived and worked in North Carolina in 2013 Jill gross income=$78000 Jill dedcution =$3…

Q: In 2010, the U.S. Congress passed the Affordable Care Act. This law requires most Americans to…

A: The amount deductible is $5200, which is the amount that Juarez has to pay to the insurance company.…

Q: A patient’s insurance policy states:Annual deductible: $300.00Coinsurance: 70-30This year the…

A: In this question, it has mentioned that:Annual deductible = $300Co-insurance: 70 – 30The payment…

Question

6 On December 2, 2009. Bloomberg News reported on a settlement in which Walmart agreed to pay $40 million to up to 87,500 employees because the company had failed to pay overtime, allow rest and meal break and, in addition, manipulated time cards. Eligible present and former employees would receive $400 to $2,500 each - on average $734. The lawyers for the employees asked for fees of $15.2 million from the $40 million. [R188] (a) Compute the mean compensation, assuming that there are 87.500 eligible employees and that the lawyers have taken their cut. (b) Compare your answer to the reported minimum compensation of $400 and the reported $734 the average worker will receive. (c) Draft a letter to the editor or the reporter politely pointing out that both the reported "averages" made no sense and asking for more detail or a correction.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A laptop can be purchased for RO 400 for 50 RO down with a payment of 12 RO per month for 36 months. What is the finance charge? O a. 432 RO O b. 350 RO O c. 32 RO O d. 82 RO Artivate Windows
Three invoices for the amounts of $35,300, $27,000, and $40,600 were received on August 5, 2014, September 4, 2014, and September 27, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on October 4, 2014 to settle all three invoices. Round to the nearest cent
On June 25, Easy Repair Service extended an offer of $154,000 for land that had been priced for sale at $175,000. On July 9, Easy Repair Service accepted the seller's counteroffer of $167,000. On October 1, the land was assessed at a value of $251,000 for property tax purposes. On December 22, Easy Repair Service was offered $267,000 for the land by a national retail chain. At what value should the land be recorded in Easy Repair Service's records?
Maroon Company received an invoice for $166,500 dated November 4, 2011 with payment terms 6/3, 3/20, n/45 for a truck-load of goods. Calculate the amount required to settle the invoice on the following dates. a. November 6, 2011. Round to the nearest cent b. November 24, 2011. Round to the nearest cent c. December 19, 2011. Round to the nearest cent
Three invoices for the amounts of $34,200, $25,000, and $41,450 were received on November 27, 2014, December 27, 2014, and January 19, 2015, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on January 26, 2015 to settle all three invoices.
You drive a 4 year old truck valued at $15,000. You have a $70,000 personal automobile policy with $12,000 per-person medical payments coverage and both collision ($500 deductible) and comprehensive coverage. Your neighbor drives a five-year old SUV valued at $10,000. Your neighbor has a 25/50/15 automobile policy with $15,000 in medical payments coverage and both collision ($200 deductible) Early one morning your neighbor was driving down the street while you were driving the opposite way to drop your friend off at her house and your neighbor swerved into your lane and struck your vehicle. Below you will find the damage caused by the accident: Your Bodily Injury: $7,000 Your Friend’s Bodily Injury: $25,000 Your Car: $8,500 Neighbor’s Bodily Injury: $3,000 Neighbors Car: $9,000 Using the information above, find the following: a) How much will your policy pay for your bodily injury?
Determine the annual insurance premiums for a policy insuring a male age 40 , who wants to purchase a whole life policy with a face value of $50,500
On December 29, 2017, MJM Furniture on King George Boulevard in Newton recerved an invoice for aLive Edge Solid Birch Dininc Table costing $5,499 less 26%, 19% and 3%, dated December 25, 2017, with terms 6/15, 2/45, n/90. The table was delivered on January 30, 2018. This invoice was paid in full on January 7, 2018. Erder dones in the correct forma2he January 1. 2021 (The exact spacing is important to Moodlel) a) What was the last day of the 6% discount period for the table? b.) What vras the last day of the 2% discount period for the table?