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StatisticsQ&A LibraryAn advertising company plans to market a product to low - income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income. Assume the variable is normally distributed.Question

Asked Oct 6, 2019

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An advertising company plans to market a product to low - income families. A study states that for a particular area, the average income per family is $24,596 and the standard deviation is $6256. If the company plans to target the bottom 18% of the families based on income, find the cutoff income. Assume the variable is normally distributed.

Step 1

**Given info:**

It is given that the mean income per family, *µ* = $24,596

The standard deviation, *σ*&n...

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