An investment firm wants to contact teachers that are in the top 1% of the wage earners. The average teacher salary is $40,000 and the standard deviation is $4,000. What wage does a teacher need to earn before the investment firm will contact?
Ans: I am assuming that teacher's salary of the population is normally distributed
Zcritical to be in top1% = 2.328
Thus, Salary that is needed = mean + sd*Zcritical
= 40000 + 4000*2.328 = 49312 dollars
Thus, teacher needs to earn 49312 dollars then firm will contact her.
Mathematics
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