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Help, could someone please help me answer the following statistics questions

by Tek1Atom
Tags: mathematics, maths, statistics
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Tek1Atom
#1
Aug31-10, 02:07 PM
P: 15
1. The problem statement, all variables and given/known data

The average salary for an employee at ABC Ltd is 30,000 per year, with a variance of 4,000,000. This year, the management plans to award every employee a fixed end-of-year bonus of 500 and an incentive bonus that is equal to 10% of the employee's salary.

a) What is the mean bonus received by employees?

b) What is the standard deviation of the employees bonuses?

2. Relevant equations

Statistics

3. The attempt at a solution

None, need urgent help!
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Mark44
#2
Aug31-10, 03:56 PM
Mentor
P: 21,280
Quote Quote by Tek1Atom View Post
1. The problem statement, all variables and given/known data

The average salary for an employee at ABC Ltd is 30,000 per year, with a variance of 4,000,000. This year, the management plans to award every employee a fixed end-of-year bonus of 500 and an incentive bonus that is equal to 10% of the employee's salary.

a) What is the mean bonus received by employees?

b) What is the standard deviation of the employees bonuses?

2. Relevant equations

Statistics

3. The attempt at a solution

None, need urgent help!
Let X be the random variable that represents employee salaries. From the given information X is N(30,000, 2000). What random variable represents the bonuses?
Tek1Atom
#3
Aug31-10, 04:14 PM
P: 15
Let Y be the random variable that represents the bonuses


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