1. Approximate the value of √ √
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Answer:
0
Step-by-step explanation:
Let X to be a random variable that looks a binomial distribution which denoted the number of employees out of the 281 who earn the prevailing minimum wage or less
The sample size n = 281
The population parameter p = 5% = 0.05
Using normal approximation for the mean.
The standard deviation is:
By using continuity correction; the sample mean x is:
x = 30 - 0.5
x = 29.5
The z statistic test can now be as follows:
Z = 4.23
Thus, the probability that company A will get a discount is
P(X ≥ 30) = P(Z >4.23)
= 1 - P(Z < 4.23)
By using the Excel function for the z score 4.23 i.e. "=1 - NORMSDIST(4.23)" we get;
= 0.0000