The incomes of all families in a particular suburb can be represented by a conti

Question

The incomes of all families in a particular suburb can be represented by a continuous random variable. It is known that the median income for all families in this suburb is $65,000 and that 40% of all families in the suburb have incomes above $76,000. a. For a randomly chosen family, what is the probability that its income will be between $65,000 and $76,000? b. Given no further information, what can be said about the probability that a randomly chosen family has an income below $70,000? a. P(65,000

Explanation / Answer

P(X < 65000) = 0.5

P(X > 76000) = 0.4

P(X < 76000) = 1 - 0.4 = 0.6

a) P(65000 < X < 76000) = P(X < 76000) - P(X < 65000) = 0.6 - 0.5 = 0.1

b) Option-F) 0.5 < P(X < 70000) < 0.6

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