A recent study done by the National Retail Federation found that 2021 back-to-school spending for all US households who have school-aged children follows a Normal distribution with mean $753 and a standard deviation $108. Use this information to answer the following questions.

Let's say the Smith family spent $245.40 on buying school supplies this fall. The corresponding z-score is 4.70. What can you say about the percentage of all other US households with school-age children that have a higher back-to-school spending than the Smith family? Select the BEST one answer from those provided below: i. We expect that fewer than 99.98% of all other US households will have a higher backto-school spending than the Smith family. ii. We expect that 99% of all other US households will have a higher back-to-school spending than the Smith family. iii. We expect that more than 99.98% of all other US households will have a higher backto-school spending than the Smith family. iv. We expect that 99.98% of all other US households will have a higher back-to-school spending than the Smith family.