a recent study found that hourly wages eaned by employees po

a recent study found that hourly wages eaned by employees possesing a Master\'s degree are distributed normally with a mean of $27.50 and a standard deviation of $3.50.

4- What range of wages captures \"almost all\" (that is, 95% of) hourly earnings offered to employees with Master\'s degrees?

Solution

Mean of hourly wages earned by employees possesing a Master\'s degree = $27.50

Standard deviation = $3.50

Since, the data is distributed normally, therefore range capturing 95% of hourly earnings offered to emplyees would be in range of ( mean - 2 * standard deviation, mean + 2 * standard deviation)

= (27.50 - 2*3.50, 27.50 + 2*3.50)

= ($20.50, $34.50)