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The Board of Examiners That Administers the Real Estate Brokerʹs

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Essay

The board of examiners that administers the real estate brokerʹs examination in a certain state found that themean score on the test was 426 and the standard deviation was 72. If the board wants to set the passing scoreso that only the best 80% of all applicants pass, what is the passing score? Assume that the scores are normallydistributed.


Definitions:

Intra-Entity Transactions

Transactions that occur within the same legal entity, often between departments or divisions, which may require elimination during consolidation.

Net Income

The remaining profit for a company after deducting taxes and expenses from the revenue.

Consolidation Entry

A journal entry used in the preparation of consolidated financial statements to eliminate intercompany transactions and balances.

Retained Earnings

The portion of net income that is retained by the company rather than distributed to its shareholders as dividends.

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