Question

Suppose that the annual household income in a small mid western community is normally distributed with a mean of $55,000 and a standard deviation of $4,500. In addition to providing the answer, state the relevant Excel commands.
a. What is the probability that a randomly selected household will have an income between $50,000 and $65,000?
b. What is the probability that a randomly selected household will have an income of more than $70,000?
c. What minimum income does a household in this community have to earn in order to be in the top 5 percent?
d. What maximum income does a household in this community have to earn to be in the bottom 40 percent?



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  • CreatedJanuary 28, 2015
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