statistics

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President Obama wants to provide aid to people who are having a rough time.

Year 2007 $13,182 (mean salary) = x bar
$3,550 = standard deviation

President Obama wants to give money to the lowest 15% from the rest of the population.

What income level will receive the stimulus money?

Using a financial calculator I come up with an answer that is $9,490 but I would like to know how and what the z-factor is using a normal distribution chart.

  • statistics -

    Use z = -1.04 for the lowest 15% (normal distribution chart).

    Therefore, using z-score formula, solve for x.

    -1.04 = (x - 13182)/3550

    You will find that x = 9490

    I hope this helps.

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