Question

The NCAA estimates that the yearly value of a full athletic scholarship at in-state public universities is $19,000 (The Wall Street Journal, March 12, 2012). Assume the scholarship value is normally distributed with a standard deviation of $2100. a. For the 10% of athletic scholarships of least value, how much are they worth? b. What percentage of athletic scholarships are valued at $22,000 or more? c. For the 3% of athletic scholarships that are most valuable, how much are they worth?

Answer 1

Answer:

Step 1 of 4

(a)

Find the worth of least 10% scholarships using the relation for z score.

Solve for x.

Here,

Mean () = 19,000

Standard deviation () = 2,100

The z score would correspond to the closest probability to 0.1000, which is -1.28.

Worth of the cheapest 10% of scholarships is 16,312.

Explanation:

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