Help, could someone me answer the following statistics questions

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The mean bonus can be calculated as the sum of the fixed end-of-year bonus (£500) and the incentive bonus, which is equal to 10% of the employee's salary. Therefore, the mean bonus is £500 + 0.1(£30,000) = £3,500. The standard deviation of the bonuses can be calculated using the formula sqrt(var(X) + var(Y)). Substituting in the values, we get sqrt(4,000,000 + (0.1(30,000))^2) = £5,000. In summary, the mean bonus received by employees is £3,500 and the standard deviation of the bonuses is £5,000.
  • #1
Tek1Atom
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Homework Statement



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?

Homework Equations



Statistics

The Attempt at a Solution



None, need urgent help!
 
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  • #2
Tek1Atom said:

Homework Statement



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?

Homework Equations



Statistics

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?
 
  • #3
Let Y be the random variable that represents the bonuses
 

1. What is the difference between descriptive and inferential statistics?

Descriptive statistics involve summarizing and describing data, while inferential statistics involve making inferences or predictions about a larger population based on a sample of data.

2. How do I determine which statistical test to use for my data?

The type of statistical test you should use depends on the type of data you have and the research question you are trying to answer. It is important to consult with a statistician or do some research to determine the most appropriate test for your specific situation.

3. Can you explain the concept of p-values?

P-values represent the probability of obtaining results at least as extreme as the ones observed in your data, assuming the null hypothesis is true. They are used to determine the statistical significance of a relationship or difference between groups.

4. How can I interpret the results of a regression analysis?

The results of a regression analysis can be interpreted by looking at the coefficients, standard error, and p-values of each variable. These can help determine the strength and direction of the relationship between the variables.

5. What is the importance of sample size in statistics?

Sample size is important because it can affect the accuracy and generalizability of your results. A larger sample size generally leads to more reliable and representative results, while a smaller sample size may not accurately reflect the population being studied.

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