Answered: In a certain county, the average annual…

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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In a certain county, the average annual income for a home provider involved with an online rental service allowing homeowners to rent rooms in their homes was approximately $5,200, with an approximate standard deviation of $1,500. One home provider did so well that only 2.5% of home providers in his county earned more than him. Assuming that annual incomes for home providers can be modeled by a normal distribution, how much did this particular home provider earn? Show your work. (Use a table or technology.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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