Assignment:
According to Salary Wizard, the average base salary for a brand manager in Houston, Texas, is $88,592 and the average base salary for a brand manager in Los Angeles, California, is $97,417 (Salary Wizard website, February 27, 2008). Assume that salaries are normally distributed, the standard deviation for brand managers in Houston is $19,900, and the standard deviation for brand managers in Los Angeles is $21,800.
- How much would a brand manager in Los Angeles have to make in order to have a higher salary than 99% of the brand managers in Houston?
Provide complete and step by step solution for the question and show calculations and use formulas.