Mrs. Olga’s $250 investment earns 19% interest compounded annually. What will her balance be after 3 years?
2 answers:
You might be interested in
Answer:
So the value of height that separates the bottom 45% of data from the top 55% is 1022.532.
Step-by-step explanation:
1) Previous concepts
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
The Z-score is "a numerical measurement used in statistics of a value's relationship to the mean (average) of a group of values, measured in terms of standard deviations from the mean".
2) Solution to the problem
Let X the random variable that represent the consumption levels of a population, and for this case we know the distribution for X is given by:
Where and
For this part we want to find a value a, such that we satisfy this condition:
(a)
(b)
Both conditions are equivalent on this case. We can use the z score again in order to find the value a.
As we can see on the figure attached the z value that satisfy the condition with 0.45 of the area on the left and 0.55 of the area on the right it's z=-0.26. On this case P(Z<-0.126)=0.45 and P(z>-0.126)=0.55
If we use condition (b) from previous we have this:
But we know which value of z satisfy the previous equation so then we can do this:
And if we solve for a we got
So the value of height that separates the bottom 45% of data from the top 55% is 1022.532.