Felix has just received his monthly credit card statement. He placed 8 charges on his card in the last month with a mean of $24.15 per charge. He knows that 7 of the charges were as follows: $23.63,$20.59,$21.21,$26.85,$24.84,$15.36, $23.60 determine the amount of the 8th charge
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.
Felix has just received his monthly credit card statement. He placed 8 charges on his card in the last month with a
$23.63,$20.59,$21.21,$26.85,$24.84,$15.36,
$23.60
determine the amount of the 8th charge
Given:
7 Charges
23.63, 20.59, 21.21, 26.85, 24.84, 15.36, 23.60
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