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

  1. Aug 31, 2010 #1
    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!
     
  2. jcsd
  3. Aug 31, 2010 #2

    Mark44

    Staff: Mentor

    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?
     
  4. Aug 31, 2010 #3
    Let Y be the random variable that represents the bonuses
     
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