Assignment:
The US Bureau of labor statistics reports that the average annual expenditure of food and drink for all families is $5,700.00 Assume that the annual expenditure of food and drink is normally distributed and that the standard deviation is $1,500.00 What is the range of expenditures of the 10% of families with the lowest annual spending on food and drink? What percentage of families sprend more than $7,000.00 annually on food and drink? What is the range of expenditures for the 5% of families with the highest annual spending on food and drink?
Provide complete and step by step solution for the question and show calculations and use formulas.