Fifty individuals who recently secured 30-year fixed-rate home mortgages were surveyed. The mortgage rates they secured (as percentages) are below. 4.05, 4.24, 3.94, 3.94, 3.9, 4.15, 4.09, 3.94, 4.11, 3.98, 4.21, 4, 4.26, 4.17, 3.99, 4.12, 4.45, 4.01, 4.37, 4.31, 4.01, 4.04, 4.2, 4.13, 4.41, 4.19, 4.37, 4.24, 4.13, 4.16, 4.12, 4.46, 4.21, 4.06, 4.19, 4.19, 4.11, 4.24, 4.11, 4.13, 3.98, 3.92, 4.19, 4.03, 4.3, 4.3, 4.14, 4.06, 4.12, 3.99 Find the first quartile of the data. Q1 = 4.03 Find the second quartile of the data. Q2 4.13 Find the third quartile of the data. Q3 4.21 %3D About what percent of the data is greater than Q3? %
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.
Given:
The data of fifty individual who secured 30-fixed-rate home mortgages is provided.
The total number of people surveyed is N=50.
Arranging the data in ascending order.
| 1. | 3.9 | 11. | 4.01 | 21. | 4.11 | 31. | 4.16 | 41. | 4.24 |
| 2. | 3.92 | 12. | 4.01 | 22. | 4.12 | 32. | 4.17 | 42. | 4.26 |
| 3. | 3.94 | 13. | 4.03 | 23. | 4.12 | 33. | 4.19 | 43. | 4.3 |
| 4. | 3.94 | 14. | 4.04 | 24. | 4.12 | 34. | 4.19 | 44. | 4.3 |
| 5. | 3.94 | 15. | 4.05 | 25. | 4.12 | 35. | 4.19 | 45. | 4.31 |
| 6. | 3.98 | 16. | 4.06 | 26. | 4.13 | 36. | 4.19 | 46. | 4.37 |
| 7. | 3.98 | 17. | 4.06 | 27. | 4.13 | 37. | 4.2 | 47. | 4.37 |
| 8. | 3.99 | 18. | 4.09 | 28. | 4.13 | 38. | 4.21 | 48. | 4.41 |
| 9. | 3.99 | 19. | 4.11 | 29. | 4.14 | 39. | 4.24 | 49. | 4.45 |
| 10. | 4 | 20. | 4.11 | 30. | 4.15 | 40. | 4.24 | 50. | 4.46 |
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