An employee earned $3,300 working for an employer in the current year. the current rate for fica social security is 6.2% payable
1 answer:
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Answer:
Top 3%: 4.934 cm
Bottom 3%: 4.746 cm
Step-by-step explanation:
Problems of normally distributed samples are solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
Top 3%
Value of Z when Z has a pvalue of 1 - 0.03 = 0.97. So X when Z = 1.88.
Bottom 3%
Value of Z when Z has a pvalue of 0.03. So X when Z = -1.88.