Please show work Based upon statistical studies it has been
Please show work.
Based upon statistical studies it has been found that 4.22% of all households in the United States in 2010 had a combined household income above $250,000. If 14,000 households from 2010 are selected at random, what is the probability that:
a) between 600 and 650 of them (inclusive) had a household income above $250,000?
b) at least 575 of them had a household income above $250,000?
Solution
probability of household above = 0.042
probability of household below = 0.958
a) between 600 - 650
we have to calculate p(600)+p(601)p(602)+..........+p(649)+p(650)
p(600 ) = 14000C600*(0.042)^600*(0.958)^13400
SIMILARLY WE CAN CALCULATE REST.
B) ATLEAST 575 = 1 - (P(0)+P(1)+........P(574))
AS ABOVE WE CAN CALCULATE THE PROBABILITY.
