5. An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.
5. An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![**Statistics Problem for Marketing Application**
**Problem 5:**
An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6,256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f623e5c-134e-4c64-8ce9-91adb026b8cd%2Fc7e8d8f9-5b71-4119-93c6-e3344c0fc122%2F08y1sav_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Statistics Problem for Marketing Application**
**Problem 5:**
An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6,256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income.
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