According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800. a. What is the probability that a household in Maryland has an annual income of $100,000 or more (to 4 decimals)? b. What is the probability that a household in Maryland has an annual income of $40,000 or less (to 4 decimals)? c. What is the probability that a household in Maryland has an annual income between $50,000 and $70,000 (to 4 decimals)? d. What is the annual income of a household in the 90th percentile of annual household income in Maryland (to the nearest dollar)?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Topic Video
Question

Question attached

According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com
website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation
of $33,800.
a. What is the probability that a household in Maryland has an annual income of $100,000 or more (to 4 decimals)?
b. What is the probability that a household in Maryland has an annual income of $40,000 or less (to 4 decimals)?
c. What is the probability that a household in Maryland has an annual income between $50,000 and $70,000 (to 4 decimals)?
d. What is the annual income of a household in the 90th percentile of annual household income in Maryland (to the nearest dollar)?
Transcribed Image Text:According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800. a. What is the probability that a household in Maryland has an annual income of $100,000 or more (to 4 decimals)? b. What is the probability that a household in Maryland has an annual income of $40,000 or less (to 4 decimals)? c. What is the probability that a household in Maryland has an annual income between $50,000 and $70,000 (to 4 decimals)? d. What is the annual income of a household in the 90th percentile of annual household income in Maryland (to the nearest dollar)?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Sample space, Events, and Basic Rules of Probability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman