A financial advisor is analyzing a family's estate plan. The amount of money that the family has invested in different real estate properties is normally distributed with a mean of $225,000 and a standard deviation of $50,000. Use a calculator to find how much money separates the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings.

The amount of money separating the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings is $238,281.57.

Step-by-step explanation:

Let the random variable X represent the amount of money that the family has invested in different real estate properties.

The random variable X follows a Normal distribution with parameters μ = $225,000 and σ = $50,000.

It is provided that the family has invested in n = 10 different real estate properties.

Then the mean and standard deviation of amount of money that the family has invested in these 10 different real estate properties is:

Now the lowest 80% of the amount invested can be represented as follows:

The value of z is 0.84.

*Use a z-table.

Compute the value of the mean amount invested as follows:

Thus, the amount of money separating the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings is $238,281.57.

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step-by-step explanation: