Lynh manages a small company with 12 employees. He offers profit sharing where 5% of profits at end of year is distributed evenl
2 answers:
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Answer: 11.5%
Explanation:
Since 1 minute = 60 seconds, we multiply 12 minutes by 60 so that 12 minutes = 720 seconds. Thus, we're looking for a probability that the auditor will spend more than 720 seconds.
Now, we get the z-score for 720 seconds by the following formula:
where
So, the z-score of 720 seconds is given by:
Let
t = time for the auditor to finish his work
z = z-score of time t
Since the time is normally distributed, the probability for t > 720 is the same as the probability for z > 1.2. In terms of equation:
Hence, there is 11.5% chance that the auditor will spend more than 12 minutes in an invoice.
Explanation:
Since 1 minute = 60 seconds, we multiply 12 minutes by 60 so that 12 minutes = 720 seconds. Thus, we're looking for a probability that the auditor will spend more than 720 seconds.
Now, we get the z-score for 720 seconds by the following formula:
where
So, the z-score of 720 seconds is given by:
Let
t = time for the auditor to finish his work
z = z-score of time t
Since the time is normally distributed, the probability for t > 720 is the same as the probability for z > 1.2. In terms of equation:
Hence, there is 11.5% chance that the auditor will spend more than 12 minutes in an invoice.