6.9 According to the Internal Revenue Service, income tax returns one year averaged $1,332 in refunds for taxpayers. One explanation of this figure is that taxpayer would rather have the government keep back too much money during the year than to owe it money at the end of the year. Suppose the average amount of tax at the end of a year is a refund of $1,332, with a standard deviation of $725. Assume that amounts owed or due on tax returns are normally distributed. a. What proportion of tax returns show a refund greater than $2,000? b. What proportion of the tax returns show that the taxpayer owes money to the government? c. What proportion of the tax returns show a refund between $100 and $700?
6.9 According to the Internal Revenue Service, income tax returns one year averaged $1,332 in refunds for taxpayers. One explanation of this figure is that taxpayer would rather have the government keep back too much money during the year than to owe it money at the end of the year. Suppose the average amount of tax at the end of a year is a refund of $1,332, with a standard deviation of $725. Assume that amounts owed or due on tax returns are normally distributed. a. What proportion of tax returns show a refund greater than $2,000? b. What proportion of the tax returns show that the taxpayer owes money to the government? c. What proportion of the tax returns show a refund between $100 and $700?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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