According to the IRS, 2012 tax returns showed an average refund of $2891 with a

Question

According to the IRS, 2012 tax returns showed an average refund of $2891 with a standard deviation of $2566. Assume that 2012 tax return amounts are normally distributed. Based on this information (and information in Q7-13), generate excel output in the given space on the Tax sheet in this workbook to answer the following questions. Each orange numerical answer cell MUST reference Excel output cells in the Tax sheet

4621.7407

-the probability is 0.24 that a randomly selected 2012 tax return showed between what two amounts equidistant from the mean?

-Find the lower endpoint using excel. use this lower endpoint and some math to find the upper endpoint?

please explain step by step how to find the answer, thank you.

Normal mu 2891 sigma 2566 xi P(X<=xi) Q 7 4067 0.6766 Q 7 5234 0.8194 Q 8 13 0.1310 Q 9 2664 0.4648 Q 9 5294 0.8255 Q 10 3289 0.5616 P(X<=xi) xi Q 11 0.24 1078.6276 Q 12 0.23 995.1190 Q 13 0.75

4621.7407

Explanation / Answer

Here it is given that mean=2891 and sd=2566

We need to find P((x 1x<x2)=0.24

Now using z table we get z1=-0.305=x1-2891/2566

So x1 =2108.37

Sim, x2 =3673.63

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