(5 complete) v HW Score: 25 .17 Richest People ch year, a magazine publishes e as shown in the following table E Click the icon to view a list of Ith (to the Wealth ($ billions) Person Calculate the mean wealth, µ, ɖ A 70 = $billion Round to one decimal place as n 57 C 42 38 E 38 35 nter your answer in the answer Print Done Check A parts
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Each year a magazine publishes a list of the richest people in the country. N the last years issue, the six richest people and their wealth (to the nearest billion dollars) are as shown in the following table. Consider these six people a population of interest.
Calculate the mean wealth of the six people
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