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A private company offers a retirement savings plan for its employees, where the employee pays half, and the company pays the other half. A survey of employees showed that annual contribution of per employee followed the normal probability distribution, with a mean of $6200 and a standard deviation of $720 per year.
a) FORMULATE A a distribution plot using the normal distribution parameters.
b) What fraction of employees pay more than $7500 per year to their retirement savings plan?
c) What percent of employees pay between $5,000 and $7,500 per year?
d) What is the probability of an employee paying less than $4,500 per year to their retirement savings plan?
e) What is the dollar amount such that 5% of employees paid an amount to their retirement savings plan that was higher?
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