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Statistics / Elementary Statistics: A Step By Step Approach 9 / Chapter 6.2 / Problem 27E

Elementary Statistics: A Step By Step Approach | 9th Edition | ISBN: 9780073534985 | Authors: Allan Bluman

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Problem 27E

Product MarketingAn advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income. Assume the variable is normally distributed.

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QUESTION:

Problem 27E

Product MarketingAn advertising company plans to market a product to low-income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income. Assume the variable is normally distributed.

ANSWER:

Answer

Step 1 of 2

(a)

The average income per family is $24,596 and the standard deviation is $6256.

We are asked to find the cutoff income if the company plans to target the bottom 18% of the families based on income.

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