I'm working through my review sheet before my final Friday and I have questions. I think I got the first right (check my work?) but the second I'm lost on
"Suppose housing prices observe a normal distribution. For the Pleasantville housing market, the average housing price is $225,000 and the standard deviation is $40100. What percent of houses in Pleasantville are more expensive than $300,000?"
Z= (X- pop mean) / st. dev.
Z= (300 ,000-225,000) / 40,100= 1.87
So, 3.1% of houses in Pleasantville are more expensive than $300,000.
"Suppose that 3.5% of the houses in the area get a property tax exemption due to their low values. Find the value above which households are not qualified for the exemption?"
I don't even know how to begin this one, am I looking for the value above which the *lowest* 3.5% are? 0.50-0.035=0.465?