Section 5.4 Exercise 16
The mean household income in a country in a recent year was about $69,953 and the standard deviation was about $90,000. (The median income was $55,517)
a) If a Normal model was used for these incomes, what would be the household income of the top 4%?
b) How confident should one be in the answer in part a?
c) Why might the Normal model not be a good one for incomes?
a) The income would be s
(Round to the nearest dollar as needed)