Answered: Suppose the Board of Trustees of a…

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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Question

Suppose the Board of Trustees of a wealthy private university has decided that it wants to waive tuition for – that is, give a “full ride” to – the poorest 20 percent of the class it has admitted. In the university’s analysis of those who have been admitted, they find that family incomes are normally distributed with a mean of $70,000 and a standard deviation of $20,000. What is the income cutoff for admitted students’ family incomes that will separate those who will get free tuition from those who will not? Put differently, what dollar amount separates the bottom 20 percent of family incomes from the top 80 percent of family incomes?

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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