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(b) What is the probability that an individual in Connecticut has an annual real income of $32,000 or less? (Round your answer to four decimal places.) Enter a number (c) What is the probability that an individual in Connecticut has an annual real income between $58,000 and $78,000? (Round your answer to four decimal places) (d) What is the annual real income of a person (in dollars) in the 99th percentile of annual real income in Connecticut? (Round your answer to the nearest dollar)

(b) What is the probability that an individual in Connecticut has an annual real income of $32,000 or less? (Round your answer to four decimal places.) Enter a number (c) What is the probability that an individual in Connecticut has an annual real income between $58,000 and $78,000? (Round your answer to four decimal places) (d) What is the annual real income of a person (in dollars) in the 99th percentile of annual real income in Connecticut? (Round your answer to the nearest dollar)

A First Course in Probability (10th Edition)
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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Nominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of $23,480. (a) What is the probability that an individual in Connecticut has an annual real income of $52,000 or more? (Round your answer to four decimal places.) 0.758 (b) What is the probability that an individual in Connecticut has an annual real income of $32,000 or less? (Round your answer to four decimal places.) Enter a number (c) What is the probability that an individual in Connecticut has an annual real income between $58,000 and $78,000? (Round your answer to four decimal places.) (d) What is the annual real income of a person (in dollars) in the 99th percentile of annual real income in Connecticut? (Round your answer to the nearest dollar)
Transcribed Image Text:Nominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of $23,480. (a) What is the probability that an individual in Connecticut has an annual real income of $52,000 or more? (Round your answer to four decimal places.) 0.758 (b) What is the probability that an individual in Connecticut has an annual real income of $32,000 or less? (Round your answer to four decimal places.) Enter a number (c) What is the probability that an individual in Connecticut has an annual real income between $58,000 and $78,000? (Round your answer to four decimal places.) (d) What is the annual real income of a person (in dollars) in the 99th percentile of annual real income in Connecticut? (Round your answer to the nearest dollar)
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