Answer:
The minimum (cut off) score you need to receive this award is;
![722.2](https://img.qammunity.org/2023/formulas/mathematics/high-school/m62feaqx1pavybcz8wa19jseacrbqvb9u9.png)
Step-by-step explanation:
Given that the top 3% of the students receive a $500 prize.
![P=1-0.03=0.97](https://img.qammunity.org/2023/formulas/mathematics/high-school/cs1wv3fzz2mwi6b3k9vc6qxfcyvfxuqzvs.png)
We will then find the z-score that corresponds to the given probability.
![z=1.88](https://img.qammunity.org/2023/formulas/mathematics/high-school/e673zjiq6l27j1dbnkbjpxzujfd7caj2vg.png)
Recall that;
![z=(X-\mu)/(\sigma)](https://img.qammunity.org/2023/formulas/mathematics/college/2eurhv0e2l78yy8nqvl2450glsjqpn08m2.png)
Given;
![\begin{gathered} \mu=553 \\ \sigma=90 \end{gathered}](https://img.qammunity.org/2023/formulas/mathematics/high-school/sot0tu09yo2ulwov5g4q3z7w96ftlglr0x.png)
substituting the values;
![\begin{gathered} 1.88=(X-553)/(90) \\ X-553=1.88*90 \\ X=553+1.88*90 \\ X=722.2 \end{gathered}](https://img.qammunity.org/2023/formulas/mathematics/high-school/ypvpe9q1vszmqkgqtu59ng5e1rsm8q9zpz.png)
Therefore, the minimum (cut off) score you need to receive this award is;
![722.2](https://img.qammunity.org/2023/formulas/mathematics/high-school/m62feaqx1pavybcz8wa19jseacrbqvb9u9.png)