Instruction 6-4 John Has Two Jobs.For Daytime Work at a Jewelry Store

question 32

Short Answer

Instruction 6-4
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 Instruction 6-4,for a given month,what is the probability that John's income as a waiter is between $1,200 and $1,600?

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Definitions:

Savings

Money that is set aside from disposable income, often placed in interest-bearing accounts for future use or investment.

Inventory Investment

The commitment of resources towards the acquisition and holding of stocks or goods to be sold or used in future production processes.

Level of Inventory

Level of Inventory refers to the quantity of goods or materials on hand at a particular time within a business.

Inventory Investment

The purchase of goods and materials that are not immediately sold but are kept in stock for future sales or production.