Question

In: Statistics and Probability

Waiters at a restaurant chain earn an average of $249 per shift (regular pay + tips)...

Waiters at a restaurant chain earn an average of $249 per shift (regular pay + tips) with a standard deviation of $39. For random samples of 36 shifts at the restaurant, within what range of dollar values will their sample mean earnings fall, with 95% probability?

Standard Normal Distribution Table

Range:

to

Round to the nearest cent

Solutions

Expert Solution

solution:

Given that,

mean = = 249

standard deviation = = 39

n = 36

= 249

= / n = 39/36=6.5

middle % of score is

P(-z < Z < z) = 0.95

P(Z < z) - P(Z < -z) = 0.95

2 P(Z < z) - 1 = 0.95

2 P(Z < z) = 1 + 0. 95= 1.95

P(Z < z) = 1.95/ 2 = 0.975

P(Z <1.96 ) = 0.975

z  ±1.96   

Using z-score formula  

= z * +   

= ±1.96*6.5+249

=236.26 to  261.74


Related Solutions

Waiters at a restaurant chain earn an average of $256 per shift (regular pay + tips)...
Waiters at a restaurant chain earn an average of $256 per shift (regular pay + tips) with a standard deviation of $35. For random samples of 36 shifts at the restaurant, within what range of dollar values will their sample mean earnings fall, with 98% probability? Range: ? to ?
The manager of a restaurant in a large city claims that waiters working in all restaurants in his city earn an average of more than $150 in tips per week
1. The manager of a restaurant in a large city claims that waiters working in all restaurants in his city earn an average of more than $150 in tips per week. A random sample of 25 waiters selected from restaurants of this city yielded a mean of $155 in tips per week with a standard deviation of $28. Assume that the weekly tips for all waiters in this city have a normal distribution. Let μ denote the mean tips earned...
A random sample of 45 restaurant servers found the average tips per shift were $150. Assume...
A random sample of 45 restaurant servers found the average tips per shift were $150. Assume the sample standard deviation is $25. Using a 99% confidence level, calculate the following: Confidence Interval Group of answer choices A. (139.96; 160.04) B. (141.76; 161.12) C (140.09; 162.28) D. (143.56; 167.90) The average percentage of cities in the US that have snow on Christmas Day is 35%. A recent sample of 150 cities found that 21 had snow on Christmas Day last year....
Those questions are related to Financial Mathematics: Mario’s regular pay is $23.00 per hour. The regular...
Those questions are related to Financial Mathematics: Mario’s regular pay is $23.00 per hour. The regular workweek is 40 hours, and overtime is paid at time-and-a-half the regular hourly rate. If Mario worked 46.5 hours last week, what were his gross earnings? You are buying a pack of milk (priced at 3.49CAD) and paper towels (priced at 6.99CAD) in a grocery store in Ontario. Only paper towels are subject to HST in Ontario. How much would be your total bill...
Based on a survey, workers in Ontario earn an average of $60,000 per year with a...
Based on a survey, workers in Ontario earn an average of $60,000 per year with a known standard deviation of $6000. In an attempt to verify this salary level, a random sample of 36 workers in Ontario was selected. Let X represent the mean salary of these 36 workers. a) Describe the sampling distribution of X. b) Calculate the probability that X is between 58,500 and 63,000. c) What is the 90th percentile for X.
JJ Industries will pay a regular dividend of $.70 per share foreach of the next...
JJ Industries will pay a regular dividend of $.70 per share for each of the next four years. At the end of four years, the company will also pay out a liquidating dividend. If the discount rate is 10 percent, and the current share price is $73, what must the liquidating dividend be? (Do not round intermediate calculations. Round your answer to 2 decimal places.)Liquidating Dividend=?
JJ Industries will pay a regular dividend of $2.4 per share for each of the next...
JJ Industries will pay a regular dividend of $2.4 per share for each of the next four years. At the end of the four years, the company will also pay out a liquidating dividend of $53 per share, and the company will cease operations. If the discount rate is 8 percent, what is the current value of the company’s stock?
JJ Industries will pay a regular dividend of $2.4 per share for each of the next...
JJ Industries will pay a regular dividend of $2.4 per share for each of the next four years. At the end of the four years, the company will also pay out a liquidating dividend of $74 per share, and the company will cease operations. If the discount rate is 13 percent, what is the current value of the company’s stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising...
Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to increase daily sales. In order to determine the effectiveness of the advertising campaign, a sample of 49 day's sales were taken. The sample showed average daily sales of $6,300. From past history, the restaurant knew that its population standard deviation is about $1,000. If the level of significance is 0.01, have sales increased as a result of the advertising campaign? a) Fail...
Employees earn vacation pay at the rate of one day per month. During the month of...
Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT