Answered: What should this income cutoff be to…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.CR: Chapter 2 Review

Problem 111CR: Respiratory Rate Researchers have found that the 95 th percentile the value at which 95% of the data...

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Assume that monthly income follows a normal distribution with population mean µ = $4,000 and population standard deviation σ = $1000.A government agency wants to provide free health care to all individuals earning below a specified monthly income but the agency does not want to award this benefit to more than 1.1 percent (or 0.0110) of the population. What should this income cutoff be to make sure that not more than 5 percent of the population receive this free health care benefit? Show your work by providing the relevant equations and the final answer.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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