Find the Value of a Normal Random Variable

question 47

Short Answer

Find the Value of a Normal Random Variable
-The board of examiners that administers the real estate broker s examination in a certain state found that the mean score on the test was 451 and the standard deviation was 72. If the board wants to set the passing score so that only the best 80% of all applicants pass, what is the passing score Assume that the scores are normally distributed.

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Definitions:

Ad Valorem Tax

A tax based on the assessed value of an item, such as property or goods, typically expressed as a percentage.

California

A diverse and populous state located on the Pacific coast of the United States, known for its significant economic, cultural, and political influence.

Government Revenue

The total income received by the government from taxes and non-tax sources.

Import Quota

Government-imposed limit on the quantity of a particular good that can be imported into a country.