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Statistics / Statistical Techniques in Business and Economics 15 / Chapter 7 / Problem 19

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

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According to the Internal Revenue Service, the mean tax refund for the year 2007 was

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QUESTION:

According to the Internal Revenue Service, the mean tax refund for the year 2007 was $2,708. Assume the standard deviation is $650 and that the amounts refunded follow a normal probability distribution. a. What percent of the refunds are more than $3,000? b. What percent of the refunds are more than $3,000 but less than $3,500? c. What percent of the refunds are more than $2,500 but less than $3,500?

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QUESTION:

According to the Internal Revenue Service, the mean tax refund for the year 2007 was $2,708. Assume the standard deviation is $650 and that the amounts refunded follow a normal probability distribution. a. What percent of the refunds are more than $3,000? b. What percent of the refunds are more than $3,000 but less than $3,500? c. What percent of the refunds are more than $2,500 but less than $3,500?

ANSWER:

Step 1 of 4

Given that,

The amounts refunded follow a normal probability distribution.

The mean tax refund for the year 2007 was $2,708.

The standard deviation is $650.

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