Question 437210: Household income does not tend to follow a normal distribution in a particular state, yet average income is approximately $45,000/year in this state, with a standard deviation of about $9000. Within what income range would approximately 75% of the household incomes lie within this state?
having trouble forming the right way to put the information in an equation.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Household income does not tend to follow a normal distribution in a particular state, yet average income is approximately $45,000/year in this state, with a standard deviation of about $9000. Within what income range would approximately 75% of the household incomes lie within this state?
having trouble forming the right way to put the information in an equation.
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Draw the picture centering 75% on a mean of 45000
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The lower limit will have a left-tail of 0.5000-(1/2)0.75 = 0.1250
Find the z-value with a left-tail of 0.1250
invNorm(0.1250) = -1.1503
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Find the corresponding x-value:
x = zs+u
x = -1.1503*9000+45000 = $34646.86
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Cheers,
Stan H.
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