NEED THE EXCEL FORMULAS!!! According to the 2001 Canadian census, university-educated Canadians earned a mean income of $61,823. The standard deviation is $17,301.
a.If incomes are normally distributed, what is the probability that a randomly selected university educated Canadian earns more than $70,000?
b.If incomes are normally distributed, what is the probability that a randomly selected university educated Canadian earns less than $55,000?
c. What is the cutoff for salaries for the top 10% of university-educated Canadians?
Answer:
NEED THE EXCEL FORMULAS!!! According to the 2001 Canadian census, university-educated Canadians earned a mean income of $61,823. The standard deviation is $17,301.
a.If incomes are normally distributed, what is the probability that a randomly selected university educated Canadian earns more than $70,000?
P( x >70000) =0.318238
Excel formula =1-NORM.DIST(70000,61823,17301,TRUE)
b.If incomes are normally distributed, what is the probability that a randomly selected university educated Canadian earns less than $55,000?
P( x <55000) =0.346654
Excel formula: =NORM.DIST(55000,61823,17301,TRUE)
c. What is the cutoff for salaries for the top 10% of university-educated Canadians?
cutoff for Salaries of top 10% = $83995.12
Excel formula: =NORM.INV(0.9,61823,17301)
NEED THE EXCEL FORMULAS!!! According to the 2001 Canadian census, university-educated Canadians earned a mean income...
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