Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please show calulations The Federal Reserve System publishes data on family income based on its Survey of Consumer Finances. When the head of the household
please show calulations The Federal Reserve System publishes data on family income based on its Survey of Consumer Finances. When the head of the household has a college degree, the mean before-tax family income is $84,600. Suppose that 56% of the before-tax family incomes when the head of the household has a college degree are between $74,700 and $94,500 and that these incomes are normally distributed. What is the standard deviation of before-tax family incomes when the head of the household has a college degree? (Round the volue of z to 2 decimal places, e.s. 1.29. Round your answer to 2 decimfli places, e.s. 125.31.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started