Answer:
$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.
[tex]\begin{gathered} z=\frac{X-\mu}{\sigma} \\ 0.842=\frac{X-580}{125} \end{gathered}[/tex]
We solve for X:
[tex]\begin{gathered} X-580=0.842\times125 \\ X=580+0.842\times125 \\ X=685.25 \end{gathered}[/tex]
The amount of money is $685.25.
