Find an upper bound for the fraction of the families

Assignment Help Basic Statistics

Reference no: EM131811814

Question: Suppose the average family income in a particular area is $10,000.

a) Find an upper bound for the fraction of the families in the area with incomes over $50,000.

b) Find a smaller upper bound than in a), given that the standard deviation is $8000.

c) Do you think the normal approximation would give a good estimate for the fraction in question?

Reference no: EM131811814

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