The distribution of natural log of family income in the US in 2017 was Normal with...

 

Transcribed Image Text:

The distribution of natural log of family income in the US in 2017 was Normal with mean 11.237 and standard deviation 0.747, according to data from the St. Louis Fed. (a) (2 points) What is the median family income in the US in 2017? (b) (4 points) Calculate the interquartile range for the distribution of natural log of family income in the US in 2017. (c) (4 points) What is the interquartile range for the distribution of family income in the US in 2017. (d) (6 points) In 2017, families earning more than $84,500 were subject to Alternative Minimum Tax. The Tax Reform Act passed in 2017 raised that threshold to $109,400 for 2018. Assuming the distribution of income didn't change from 2017 to 2018, what percentage of families are no longer subject to AMT in 2018? The distribution of natural log of family income in the US in 2017 was Normal with mean 11.237 and standard deviation 0.747, according to data from the St. Louis Fed. (a) (2 points) What is the median family income in the US in 2017? (b) (4 points) Calculate the interquartile range for the distribution of natural log of family income in the US in 2017. (c) (4 points) What is the interquartile range for the distribution of family income in the US in 2017. (d) (6 points) In 2017, families earning more than $84,500 were subject to Alternative Minimum Tax. The Tax Reform Act passed in 2017 raised that threshold to $109,400 for 2018. Assuming the distribution of income didn't change from 2017 to 2018, what percentage of families are no longer subject to AMT in 2018?

Answer rating: 100% (QA)

a For the normal distribution median mean Therefore the median i... View the full answer