EBK STATISTICAL TECHNIQUES IN BUSINESS
EBK STATISTICAL TECHNIQUES IN BUSINESS
17th Edition
ISBN: 9781259924163
Author: Lind
Publisher: MCGRAW HILL BOOK COMPANY
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A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.
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Chapter 7, Problem 50CE

The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery, follow the normal probability distribution. The mean yearly amount earned is $40,000 and the standard deviation is $5,000.

  1. a. What percent of the sales representatives earn more than $42,000 per year?
  2. b. What percent of the sales representatives earn between $32,000 and $42,000?
  3. c. What percent of the sales representatives earn between $32,000 and $35,000?
  4. d. The sales manager wants to award the sales representatives who earn the largest commissions a bonus of $1,000. He can award a bonus to 20% of the representatives. What is the cutoff point between those who earn a bonus and those who do not?
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Chapter 7 Solutions

EBK STATISTICAL TECHNIQUES IN BUSINESS

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