Tax rates are 10% on the first $10,000 you earn and 20% on amounts over that. You earn $15,000. What is your tax?
1 answer:
You might be interested in
Answer:
P(X > 1.05) = 1 - 0.8413 = 0.1587 = 15.87%.
Step-by-step explanation:
Problems of normally distributed samples can be solved using the z-score formula.
In a set with mean and standard deviation
, the zscore of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.
In this problem, we have that:
Find P(X > 1.05).
This is 1 subtracted by the pvalue of Z when X = 1. So:
has a pvalue of 0.8413
So P(X > 1.05) = 1 - 0.8413 = 0.1587 = 15.87%.