27.Product Marketing An advertising company plans to market a product to low-income families. A study states...

27.Product Marketing An advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income. Assume the variable is normally distributed.

Answer is 18,840.48 Please show work especially on how you get -0.92 because the other problems on here don't do that. I understand it's a Z score but it doesn't correspond to 0.32. Thank you

Expert Solution

Let's check above standard normal table , 0.18 is corresponding to -0.92.(on row 0.02 , and column -0.9) hence it is -0.92

orchestra answered 2 years ago

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