According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847.

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According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847. Assume that annual household income in Maryland follows a normal distribution with a median of $75,847 and standard deviation of $33,800.

(a)

What is the probability that a household in Maryland has an annual income of $90,000 or more? (Round your answer to four decimal places.)

(b)

What is the probability that a household in Maryland has an annual income of $50,000 or less? (Round your answer to four decimal places.)

(c)

What is the probability that a household in Maryland has an annual income between $40,000 and $70,000? (Round your answer to four decimal places.)

(d)

What is the annual income (in $) of a household in the ninety-first percentile of annual household income in Maryland? (Round your answer to the nearest cent.)

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Expert Solution

orchestra answered 2 years ago

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