TABLE 6-2 John Has Two Jobs. for Daytime Work at a Jewelry

question 48

Short Answer

TABLE 6-2
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. At night he works as a waiter, for which his monthly income is normally distributed with mean $1,000 and standard deviation $300. John's income levels from these two sources are independent of each other.
-Referring to Table 6-2, the probability is 0.45 that John's income as a waiter is more than how much in a given month?

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Definitions:

Contractual Agreement

A legally binding contract that outlines the terms and conditions between two or more parties, specifying obligations, rights, and duties.

Proportionate Rights

The entitlements of shareholders to maintain their fractional ownership of a company by buying a proportionate number of new shares during issuance.

Financial Statements

Financial statements are formal records of the financial activities and position of a business, person, or other entity, providing an overview of a company's financial performance and financial position.

Proportionately Adjusted Income Statement

An income statement that has been adjusted to reflect changes in economic ownership or scale of operations.