The mean household income in a country in a recent year was about ?$69,762 and the standard deviation was about ?$85,000. ?(The median income was ?$55,148?.)
?a) If a Normal model was used for these? incomes, what would be the household income of the top 5?%?
b) How confident should one be in the answer in part? a?
c) Why might the Normal model not be a good one for? incomes?