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Sagot :
Answer:
The minimum income level for this target group is of $51,253.6.
Step-by-step explanation:
Normal Probability Distribution
Problems of normal distributions can be solved using the z-score formula.
In a set with mean [tex]\mu[/tex] and standard deviation [tex]\sigma[/tex], the z-score of a measure X is given by:
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
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 p-value, we get the probability that the value of the measure is greater than X.
Mean of $41,182 and a standard deviation of $11,990
This means that [tex]\mu = 41182, \sigma = 11990[/tex]
Find the minimum income level for this target group.
The 100 - 20 = 80th percentile, which is X when Z has a p-value of 0.8, so X when Z = 0.84.
[tex]Z = \frac{X - \mu}{\sigma}[/tex]
[tex]0.84 = \frac{X - 41182}{11990}[/tex]
[tex]X - 41182 = 0.84*11990[/tex]
[tex]X = 51253.6[/tex]
The minimum income level for this target group is of $51,253.6.
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