Family incomes have a mean of $60 000 with a standard deviation of $20 000. The data
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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.
Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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