The Average Hourly Wage of Employees of a Certain Company

question 6

Short Answer

The average hourly wage of employees of a certain company is $13.74. Assume the variable is normally distributed. If the standard deviation is $4.25, find the probability that a randomly selected employee earns more than $20.54.

---

Definitions:

Issuing Corporation's Stock

The process by which a company offers its shares to the public for the first time or issues additional shares in the market.

Par Value

The face value of a bond or stock as stated by the issuing company, unrelated to market value.

Premium

An amount paid in excess of the nominal or face value, often in relation to insurance or bonds.

Tax Deductible

Expenses or payments that can be subtracted from gross income to reduce the amount of income subject to taxation.