Question

I do not know this one. Please give an answer with solution processing.

Answer 1

$685.25

Explanation:

Problem 2

• Mean = $580

,

• Standard Deviation = $125

We want to find the amount of money, X that would guarantee that a person has more money than 80% of the residents.

First, find the z-value that corresponds to P(ZThe corresponding z-score associated to the given 80-th percentile is:

• Z = 0.842

Next, substitute the values into the z-score formula.

`\begin{gathered} z=(X-\mu)/(\sigma) \\ 0.842=(X-580)/(125) \end{gathered}`

We solve for X:

`\begin{gathered} X-580=0.842*125 \\ X=580+0.842*125 \\ X=685.25 \end{gathered}`

The amount of money is $685.25.