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Application of Z score and probability

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Suppose that SAT score is normally distributed with a mean 988 and a standard deviation of 211 in 2004.A local college plans to set up a scholarship budget for 2005 where $5000 will be awarded to each incoming freshman whose SAT score is higher than 1500. They expect about 5000 applicants each year. What is the expected scholarship fund in 2005? In other words, how much is it appropriate for the plan for scholarship expenditure in 2005 budget?

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The solution provides a real life example how statistic parameters could be applied.

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Here is how the problem can be solved. First, calculate the z score. ...

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