The Annual Income for a Sample of 500 Part-Time Students

question 101

Essay

The annual income for a sample of 500 part-time students is normally distributed with a mean income of $30,000 and a standard deviation of $3,000. The income range that separates the top 25% from the lower 75% is __________.

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Definitions:

Acceptance

The expression of assent to the terms of an offer in such a manner that it forms a legally binding contract.

Unilateral Contract

A unilateral contract is a legally binding agreement where one party promises to do something in return for an act of the other party, who is not legally obligated to act.

Consideration

in contract law, refers to something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Merchant

An individual or company engaged in the business of buying and selling goods or services with the intent of making a profit.