Question
The mean household income in a country in a recent year was about $65,204 and the standard deviation was about $87,000. (The median income was
The mean household income in a country in a recent year was about $65,204 and the standard deviation was about $87,000. (The median income was $51,925.)
a) If a Normal model was used for theseincomes, what would be the household income of the top 4%?
b) How confident should one be in the answer in parta?
c) Why might the Normal model not be a good one forincomes?
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Mathematical Excursions
Authors: Richard N Aufmann, , Joanne Lockwood, Richard D Nation, Daniel K Clegg
3rd Edition
1305161793, 9781305161795
