Short Answer
The prices of condos in a city are normally distributed with a mean of $90,000 and a standard deviation of $28,000.
a.The city government exempts the cheapest 6.68% of the condos from city taxes. What is the maximum price of the condos that will be exempt from city taxes?
b.If 1.79% of the most expensive condos are subject to a luxury tax, what is the minimum price of condos that will be subject to the luxury tax?
Correct Answer:
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a.$48,000
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