Question 1: The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 35% of all families in the suburb have incomes above $72,000. a.For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000? b.Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000

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Question 1: The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $60,000 and that 35% of all families in the suburb have incomes above $72,000.

a.For a randomly chosen family, what is the probability that its income will be between $60,000 and $72,000?

b.Given no further information, what can be said about the probability that a randomly chosen family has an income below $65,000?

 

Question 2: An author receives a contract from a publisher, according to which she is to be paid a fixed sum of $10,000 plus $1,50 for each copy of her book sold. Her uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,500. Find the mean and standard deviation of the total payments she will receive.

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Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a time so we are answering the first one as you have not mentioned which one you are looking for. Please re-submit the question separately for the remaining question.

Given:

Let X be the incomes of all families

Median income = $60000

P (X > 72000) = 0.35

 

 

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