According to data from the National Center for Educational Statistics, the median earnings for 2010 graduates with a bachelor’s degree was $47,970, while the same figure for graduates with an associate’s degree was $36,390. Assuming that difference remains relatively constant over a 30-year career, approximately how much more does a person with a bachelor’s degree earn than a person with an associate’s degree?
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.
According to data from the National Center for Educational Statistics, the
As median being the positional average, it divides the data into two equal parts. We are asked to calculate for 30 years with the difference being the same(i.e constant).
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