Meg invested $16,000 in a savings account. If the annual interest rate is 6%, how much will be in the account in 5 years for qua
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Answer:
0.62% probability that randomly chosen salary exceeds $40,000
Step-by-step explanation:
Problems of normally distributed distributions are 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 question:
What is the probability that randomly chosen salary exceeds $40,000
This is 1 subtracted by the pvalue of Z when X = 40000. So
has a pvalue of 0.9938
1 - 0.9938 = 0.0062
0.62% probability that randomly chosen salary exceeds $40,000