Problem #9 Doe. gov.np- Nepal ranks as the third poorest country in South Asia,

Question

Problem #9 Doe. gov.np- Nepal ranks as the third poorest country in South Asia, although those lucky enough to receive a basic education have the opportunity to live slightly above the poverty line. Still, the poorest individuals live on an average of just S1.25 per day, with a standard deviation of $0.36. a) What is the probability that an individual (of the poorest) earns more than $2.00/day? b) What is the probability that an individual (of the poorest) earns less than S0.75/day? c) What is the probability that an individuals (of the poorest) will earn between $1.00 and $1.75/day?

Explanation / Answer

Ans:

mean=1.25

standard deviation=0.36

z=(x-1.25)/0.36

a)

z(2)=(2-1.25)/0.36=2.083

P(z>2.083)=0.0186

b)

z(0.75)=(0.75-1.25)/0.36=-1.389

P(z<-1.389)=0.0824

c)

z(1)=(1-1.25)/0.36=-0.694

z(1.75)=(1.75-1.25)/0.36=1.389

P(-0.694<z<1.389)=P(z<1.389)-P(z<-0.694)

=0.9176-0.2437=0.6739

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