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The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 17%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? a) The top 17% would have incomes greater than $ (Round to the nearest dollar as needed.)

The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 17%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? a) The top 17% would have incomes greater than $ (Round to the nearest dollar as needed.)

MATLAB: An Introduction with Applications
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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The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 17%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? a) The top 17% would have incomes greater than $ (Round to the nearest dollar as needed.) CIE
Transcribed Image Text:The mean household income in the US in 2019 was about $89,930 and the standard deviation was about $85,000. (The median income was $59,039.) a) If a Normal model is used for these incomes, what would be the household income of the top 17%? b) How confident can you be in the answer in part a? c) Why might the Normal model not be a good one for incomes? a) The top 17% would have incomes greater than $ (Round to the nearest dollar as needed.) CIE
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