Brooklyn is going to invest in an account paying an interest rate of 1.9% compounded continuously. How much would Brooklyn need
2 answers:
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Answer:
The minimum score required for recruitment is 668.
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:
Top 4%
A university plans to recruit students whose scores are in the top 4%. What is the minimum score required for recruitment?
Value of X when Z has a pvalue of 1-0.04 = 0.96. So it is X when Z = 1.75.
Rounded to the nearest whole number, 668
The minimum score required for recruitment is 668.