Mrs Smith's Reading Class Can Read a Mean of 175

question 37

Short Answer

Mrs. Smith's reading class can read a mean of 175 words per minute with a standard deviation of 20
words per minute. The top 3% of the class is to receive a special award. What is the minimum number of
words per minute a student would have to read in order to get the award?

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Definitions:

Bond

An interest-bearing security that obligates the issuer to pay the bondholder a specified sum of money, generally at fixed intervals, and to repay the principal at maturity.

Maturity Date

The due date on which a loan or bond must be completely paid off, including principal and interest.

Interest Earned

The amount of income generated from an investment or the amount of interest accumulated on a financial asset over a period of time.

Bond Payable

A long-term debt instrument issued by a company, promising to pay the holder a specified amount of interest over a set period and to repay the principal on the bond's maturity date.