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In: Statistics and Probability

High school students across the nation compete in a financial capability challenge each year by taking...

High school students across the nation compete in a financial capability challenge each year by taking a National Financial Capability Challenge Exam. Students who score in the top 14 percent are recognized publicly for their achievement by the Department of the Treasury. Assuming a normal distribution, how many standard deviations above the mean does a student have to score to be publicly recognized? (Round your answer to 2 decimal places.)

Solutions

Expert Solution

The top 14 % means the the top 0.14 probability in normal distribution curve, hence using Z table shown below we can find the Z value at top 14 % level as

Z=1.08,

hence the Student have to score 1.04 standard deviations above the mean to get into top 14 %.

orchestra answered 1 year ago
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