According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800.

a. What is the probability that a household in Maryland has an annual income of $100,000 or more?

b. What is the probability that a household in Maryland has an annual income of $40,000 or less?

c. What is the probability that a household in Maryland has an annual income between $50,000 and $70,000?

d. What is the annual income of a household in the 90th percentile of annual household income in Maryland?

The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

Statistics for Business & Economics

14th edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

ISBN: 978-1337901062

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