Question
According to Money magazine, Maryland had the highest mean annual household income of any state in 2018 at $75,847. Assume that annual household income in
According to Money magazine, Maryland had the highest mean annual household income of any state in 2018 at $75,847. Assume that annual household income in Maryland follows a normal distribution with a mean of $75,847and standard deviation of $33,000.
a. What is the probability that a household in Maryland has an annual income of $100,000or more (to 4 decimals)?
b. What is the probability that a household in Maryland has an annual income$40,000 of or less (to 4 decimals)?
c. What is the probability that a household in Maryland has an annual income $50,000 between and$70,000 (to 4 decimals)?
Step by Step Solution
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Step: 1
To solve these probability questions we will use the properties of the normal distribution Given that the annual household income in Maryland follows ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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