Using z-scores, it is found that the value of z is z = 1.96.
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Normal Probability Distribution
Problems of normal distributions can be solved using the z-score formula, which for a measure X, in a distribution with mean
and standard deviation
, is given by:
- It measures how many standard deviations the measure is from the mean.
- Each z-score has an associated p-value, which is the percentile.
- The normal distribution is symmetric, which means that the middle 95% is between the <u>2.5th percentile and the 97.5th percentile</u>.
- The 2.5th percentile is Z with a p-value of 0.025, thus Z = -1.96.
- The 97.5th percentile is Z with a p-value of 0.975, thus Z = 1.96.
- Thus, the value of Z is 1.96.
A similar problem is given at brainly.com/question/16965597
Answer:
the answer is 11/21 or 0.523809524
hope this helped
Step-by-step explanation:
Answer:
$74,600
Step-by-step explanation:
-Given the probability is 2.5%, mean=$55,000 and standard deviation= $10,000
-We find the z value of 2.5%

Hence, the minimum amount of income to be in the top 2.5% is $74,600