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According to the Internal Revenue Service (IRS), an average taxpayer receives a refund at the end of each year. Experts explain that this is because
According to the Internal Revenue Service (IRS), an average taxpayer receives a refund at the end of each year. Experts explain that this is because taxpayers would rather have the IRS keep the money during the year and receive a refund at the end of the year than to owe (negative refund) IRS at the end of the year. Assume that the amounts refunded on tax returns are normally distributed with a mean of $2869 and standard deviation of $1493. Please indicate your answers in the boxes provided. Format your answers with no more than 4 places after the decimal. a) What is the probability that a taxpayer receives a refund that is greater than $3000? Answer b) What is the probability that the IRS issues a refund that is between $500 and $1000? Answer c) What is the minimum dollar amount of refund received by individuals receiving the top 15% of refund amounts? Answer d) Provide two values corresponding to the lower and upper limit of refund amount for the middle 50% of the distribution analyzed in this problem. Answer and e) What is the probability that a taxpayer gets a refund? Answer Supporting Work for the Problem Solution
How do you get to the 0.0497 what formula for last step. I got to the 0.09 but then not sure how you get the 0.0497
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