Family incomes have a mean of $60 000 with a standard deviation of $20 000. The data is normally distributed.

1) What is the probability of a randomly chosen family having an income greater than $50 000? Provide evidence of your work by typing out your full solution.

2) What is the probability of a randomly chosen family having an income less than $36 000? Provide evidence of your work by typing out your full solution.

3) A new tax law is designed to help families with incomes between $45 000 and $80 000. What percentage of families will this new law help? Provide evidence of your work by typing out your full solution.

Answer rating: 100% (QA)

1 Probability of Income 50000 To find the probability of a randomly chosen family having an income greater than 50000 we need to calculate the zscore ... View the full answer