Find the income that separates top from lower of incomes
A sample of 500 students revealed that their annual incomes were normally distributed with a mean income of $30,000and a standard deviation of $3,000. What is the income that separates the top 25% from the lower 75% of the incomes?
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Then explain your answer to someone who has never had a course in statistics (but who is familiar with mean, standard deviation, and Z scores).
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Normally distributed with a mean income of $30,000and a standard deviation of $3,000. What is the income that separates the top 25% from the lower 75% of the incomes?
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