balances follow a Normal distribution. Determine the amount owing that corresponds to the minimum of the top 10% balance

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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According to the Canada Revenue Agency, 34.4% of personal tax returns processed
for the 2018 tax year had balances owing to the government. The average balance
owing for 2018 was $5621 with a standard deviation of $151.76. Assume the
balances follow a Normal distribution. Determine the amount owing that
corresponds to the minimum of the top 10% balance
$5,426.75
$5,500
$5,815.25
5615.50
Transcribed Image Text:According to the Canada Revenue Agency, 34.4% of personal tax returns processed for the 2018 tax year had balances owing to the government. The average balance owing for 2018 was $5621 with a standard deviation of $151.76. Assume the balances follow a Normal distribution. Determine the amount owing that corresponds to the minimum of the top 10% balance $5,426.75 $5,500 $5,815.25 5615.50
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