Question

Interns report that when deciding on where to work, career growth, salary and compensation, location and commute, and company culture and values are important factors to them. Ac- cording to the Glassdoor blog’s “25 Highest Paying Companies for Interns 2014,” bit.ly/1gx6vjx, the mean monthly pay of interns at Intel is $4,648. Suppose that the intern monthly pay is normally distributed, with a standard deviation of $400. What is the prob- ability that the monthly pay of an intern at Intel is

PLEASE USE NORMDIST AND NORMINV IN EXCEL

1. less than $4,500?

2. between $4,300 and $4,700?

3. above $5,200?

4. Ninety-nine percent of the intern monthly pays are higher than

   what value?

Answer 1

Let X denotes the monthly pay of a randomly selected intern.

X ~ Normal(4648, 400²)

a) The probability that the monthly pay of an intern at Intel is less than $4,500

b) The probability that the monthly pay of an intern at Intel is between $4,300 and $4,700

c) The probability that the monthly pay of an intern at Intel is above $5,200

d)