Suppose That on a Talent Show Like American Idol, the Only

question 3

Essay

Suppose that on a talent show like American Idol, the only contestants who actually make it onto the show must be at least 3 standard deviations above the mean in terms of their talent. What percentage of those who audition would you expect to actually make it onto the show?

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Definitions:

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest in the company.

Salaries

Compensation paid to employees for work performed, often expressed as an annual sum or hourly wage.

Net Income

The total profits of a company after all expenses and taxes have been deducted from total revenues.

Owner's Drawings

The act of an owner drawing funds from a business in a sole proprietorship or partnership for personal needs.