Answer:
Step-by-step explanation:
If two values are inversely proportional, their product must be maintained. That way, if one value goes up, the other goes down by the same extent.
Therefore, if and
vary inversely, their product will be the same for all values of
and
.
Let and
as given in the problem. Substitute values:
Hence, the maintained product is .
Thus, we have the following equation:
Substitute to find the value of
when
:
Answer:
The amount of money separating the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings is $238,281.57.
Step-by-step explanation:
Let the random variable <em>X</em> represent the amount of money that the family has invested in different real estate properties.
The random variable <em>X</em> follows a Normal distribution with parameters <em>μ</em> = $225,000 and <em>σ</em> = $50,000.
It is provided that the family has invested in <em>n</em> = 10 different real estate properties.
Then the mean and standard deviation of amount of money that the family has invested in these 10 different real estate properties is:
Now the lowest 80% of the amount invested can be represented as follows:
The value of <em>z</em> is 0.84.
*Use a <em>z</em>-table.
Compute the value of the mean amount invested as follows:
Thus, the amount of money separating the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings is $238,281.57.