2.Using the Income per week data:

1. What is the probability a randomly selected individual from your sample has an income over $199.99 per week?[Hint: consider using the Sort feature.]
2. Consider a randomly selected sample of five individuals from your sample (assume for the moment that an individual could be selected more than once into this sample).What is the distribution of the number (out of five) that have an income greater than $199.99 per week (i.e. distribution name and parameters)?
3. Use the BINOM.DIST function in Excel to calculate the probability distribution of the number of individuals in the sample of five in b who have an income over $199.99 per week.Copy this table into your assignment.What is the most likely number (i.e. the mode)?What is the probability none in the sample have an income over $199.99 per week?What is the probability that more than half do?What is the expected number of individuals?Finally, what is the standard deviation of the number?Make sure you label each of these quantities with suitable notation, i.e. using P, E, etc.
4. If an individual could not be selected more than once into the sample, what implications does this have for the binomial assumptions?