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QUESTION
Anyone with a business must make estimated tax payments four times over the year.
Anyone with a business must make estimated tax payments four times over the year. An analysis of income tax returns from the previous year indicates that for a particular income classification, the amount of money owed to the government over and above the amount paid for the first three payments is approximately normally distributed with a mean of $650 and a standard deviation of $250. Please answer the following questions. Show the basic calculation(s) and answer for each question. (e.g. z = (15 - 20)/5 = 1.00 Probability = .3413
- What is the probability that a taxpayer will owe more than $400?
- What is the probability that a taxpayer will owe less than $325?
- What is the probability that a taxpayer will owe between $735 and $800?
- One taxpayer owed $1,050. How rare an event was that (i.e., what is the probability of an amount greater than $1050)?
