The current mean age of the retirement in the US is age 65 years old, with a standard deviation of 7 years. Assuming that retirement age is normally distributed. Find the percentage of all possible values of retirees that retired... a. Between the ages of 68 and 75 b. at least 70 years old. c. At most 85 years old. Using the retirement age data above, Find: a. The 99th percentile and explain its meaning. b. The age at which 85% people retire later than. c. The two values that divide the area under the normal curve into a middle area of 90%. and (The lower number should be FIRST!)
The current mean age of the retirement in the US is age 65 years old, with a standard deviation of 7 years. Assuming that retirement age is normally distributed. Find the percentage of all possible values of retirees that retired... a. Between the ages of 68 and 75 b. at least 70 years old. c. At most 85 years old. Using the retirement age data above, Find: a. The 99th percentile and explain its meaning. b. The age at which 85% people retire later than. c. The two values that divide the area under the normal curve into a middle area of 90%. and (The lower number should be FIRST!)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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![**Retirement Age Statistics in the U.S.**
The current mean retirement age in the U.S. is 65 years, with a standard deviation of 7 years. Assuming a normal distribution of retirement ages, determine the percentage of retirees within specified age ranges:
1. **Percentage Calculations:**
- a. **Between 68 and 75 years old:** [Calculate Percentage]
- b. **At least 70 years old:** [Calculate Percentage]
- c. **At most 85 years old:** [Calculate Percentage]
2. **Further Analysis Using Retirement Data:**
- a. **99th Percentile:** [Calculate Value]
- **Explanation:** The 99th percentile represents the age below which 99% of retirees fall. This means that 99% of retirees are younger than this age.
- b. **Percentage for Late Retirement:** Determine the age at which 85% of people retire later than. [Calculate Age]
- c. **Values for Central 90% Area:** Identify two age values that divide the normal distribution's curve into a middle area covering 90%. These two values should represent the range within which the central 90% of retirees' ages fall. (List the lower number first): [Lower Value], [Higher Value]
Note: Calculations are required to determine specific values and percentages.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9d8e919-6c53-43b3-96c1-5f9438fdaf13%2Fac8a7dee-9f85-4afd-8e8e-14795ed76072%2F042ym5t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Retirement Age Statistics in the U.S.**
The current mean retirement age in the U.S. is 65 years, with a standard deviation of 7 years. Assuming a normal distribution of retirement ages, determine the percentage of retirees within specified age ranges:
1. **Percentage Calculations:**
- a. **Between 68 and 75 years old:** [Calculate Percentage]
- b. **At least 70 years old:** [Calculate Percentage]
- c. **At most 85 years old:** [Calculate Percentage]
2. **Further Analysis Using Retirement Data:**
- a. **99th Percentile:** [Calculate Value]
- **Explanation:** The 99th percentile represents the age below which 99% of retirees fall. This means that 99% of retirees are younger than this age.
- b. **Percentage for Late Retirement:** Determine the age at which 85% of people retire later than. [Calculate Age]
- c. **Values for Central 90% Area:** Identify two age values that divide the normal distribution's curve into a middle area covering 90%. These two values should represent the range within which the central 90% of retirees' ages fall. (List the lower number first): [Lower Value], [Higher Value]
Note: Calculations are required to determine specific values and percentages.
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Mean=65
Standard deviations=7
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