Statistics Solutions

(Solution Library) For a certain income level, the IRS knows that the amounts claimed for Medical Deductions (X 1), Charitable Contributions (X 2), and

Question: For a certain income level, the IRS knows that the amounts claimed for Medical Deductions (X 1 ), Charitable Contributions ( X 2 ), and Miscellaneous Deductions ( X 3 ), are Independent Normally distributed variables with means $400, $800, and $ 100 and standard deviations $100, $250, and $40 respectively.

  1. What is the probability that the amount claimed for these 3 deductions is less than $1600
  2. If someone, from this income level. reports on his return a total of $2100 for these deductions likely is this or a larger amount? Justify your answer!

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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