Question

A new tax law is expected to benefit “middle income” families, those with incomes between $25,000...

A new tax law is expected to benefit “middle income” families, those with incomes between $25,000 and $35,000. If family income is normally distributed with mean $25,000 and standard deviation $6,000, what percentage of the population will benefit from the law?

Round your answer to two decimal places.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
We have a group of families whose annual incomes are normally distributed with a mean of...
We have a group of families whose annual incomes are normally distributed with a mean of $45,000 and a standard deviation of $11,000. What percentage of these families has an annual income between $29,600 and $53,800?
The Federal Reserve System publishes data on family income based on its Survey of Consumer Finances....
The Federal Reserve System publishes data on family income based on its Survey of Consumer Finances. When the head of the household has a college degree, the mean before-tax family income is $ 85,250. Suppose that 56% of the before-tax family incomes when the head of the household has a college degree are between $75,500 and $95,000 and that these incomes are normally distributed. What is the standard deviation of before-tax family incomes when the head of the household has...
The weekly incomes of a large group of middle managers are normally distributed with a mean...
The weekly incomes of a large group of middle managers are normally distributed with a mean of $1,800 and a standard deviation of $200. Use the normal distribution to calculate the following: A. What percent of income lies within $400 of the population mean? B. 68% of observations lie within which two values?
if family income in a local community is normally distributed with a mean of $30,000and standard...
if family income in a local community is normally distributed with a mean of $30,000and standard deviation of $2,500 determine the following: 1. the percent of families with income greater than $27,000 2. the percent of families with income between $28,000 and $31,000 3. if there were two thousand families in the community, how many have income less than $25,000
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return.† The mean amount of deductions for this population of taxpayers was $16,642. Assume the standard deviation is σ = $2,400. (a) What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample sizes: 20,...
Among all the state income tax forms filed in a particular state, the mean income tax...
Among all the state income tax forms filed in a particular state, the mean income tax paid was μ=$1950 and the standard deviation was σX=$490 . As part of a study of the impact of a new tax law, a sample of 100 income tax returns is examined. What is the probability that the sample mean of these 100 returns is greater than $2050? Would this be unusual? Round your probability to four decimal places.
10          In a normal distribution find the proportion of area between the z scores of -1.64...
10          In a normal distribution find the proportion of area between the z scores of -1.64 and 0.55. 11          In a normal distribution find the z score(s) that cuts off the middle 70% of the scores. If families in a small local community have annual incomes which are normally distributed with a mean of $32,500 and a standard deviation of $5,000, then determine the percentile rank of a family with an income of 35,000 6            The length of time a...
In a certain state, the tax returns of everyone whose income is in the top 11%...
In a certain state, the tax returns of everyone whose income is in the top 11% of incomes are audited. Assume that income in this state is normally distributed with mean $ 68,886 and standard deviation $ 8,091. (a) Find the minimum income in the audited group. (b) If the political decision of auditing anyone earning more than $ 80,000 were to be made, what is the percent of those who would not be audited under this scheme?
#5 A study of adult cell phone owners found that their annual income was normally distributed...
#5 A study of adult cell phone owners found that their annual income was normally distributed with a mean of $41,200 and a standard deviation of $18500. If sellers of cell phones wish to target the adult owners of cell phones whose incomes are in the top 83%. What is the minimum income level for the top 83% of the group? #4 The heights of high-school students are normally distributed with a mean of μ = 62.5 inches and standard...
1. A survey of recent business college graduates revealed that their annual incomes were normally distributed...
1. A survey of recent business college graduates revealed that their annual incomes were normally distributed with a mean income of $52,000 and a standard deviation of $18,000. Answer the following questions. (3.5 pts.) Note: Show your z score rounded to two decimal places (i.e., 2.85) (Showing calculations may help you earn partial credit.) Show your probability rounded to four decimal places (i.e., .6567). a) What is the probability of a random student earning less than $35,000? b) What is...