If We Model After-Tax Household Income by a Normal Distribution

question 38

Short Answer

If we model after-tax household income by a normal distribution, then the figures of a 1995 study imply the information in the following table. Assume that the distribution of incomes in each country is bell-shaped and symmetric. Find the percentage of swiss families which earned an after-tax income of $71,000 or more. Round your answer to one decimal place if necessary. $$\begin{array} { | c | c | c | c | c | c | } \hline \text { Country } & \text { U.S. } & \text { Canada } & \text { Switzerland } & \text { Germany } & \text { Sweden } \\\hline \begin{array} { c } \text { Mean Household } \\\text { Income }\end{array} & \$ 38,000 & \$ 35,000 & \$ 39,000 & \$ 34,000 & \$ 32,000 \\\hline \text { Standard Deviation } & \$ 21,000 & \$ 17,000 & \$ 16,000 & \$ 14,000 & \$ 11,000 \\\hline\end{array}$$ ​
The percentage is __________%.

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Definitions:

Lessor

The party in a lease agreement that owns the asset and grants the lessee the right to use the asset in return for lease payments.

Bargain Purchase Option

A lease clause allowing the lessee to purchase the leased asset at a price significantly lower than its expected fair market value at the end of the lease term.

Leased Asset's Useful Life

The expected period over which a leased asset is anticipated to be used by the lessee, often corresponding to the lease term unless a shorter period is more representative.

Minimum Lease Payments

The lowest amount that a lessee is expected to pay over the lease term, including both principal and interest components.