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 7%? b) How confident can you be in the answer in part a? a) The top 7% would have incomes greater than $ (Round to the nearest dollar as needed.)

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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 7%?
b) How confident can you be in the answer in part a?
a) The top 7% would have incomes greater than $
(Round to the nearest dollar as needed.)
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 7%? b) How confident can you be in the answer in part a? a) The top 7% would have incomes greater than $ (Round to the nearest dollar as needed.)
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