I need help with developing the excel formula to calculate the probability for the 5th question of this assignemnt. In this tab, you must answer the five questions below the table of data. To do so, you will have to write formulas which calculate probabilities. To write these formulas, remember the following formula for classical probability: ?(?) = ?/ ? = ?????? ?? ???? ????? ? ?????? / ????? ?????? ?? ???????? ???????? ?? ?ℎ? ?????? ????? Each of the questions involves a different “X”, and some of them involve different “T”s. Think through each question carefully to make sure you identify these values correctly. Question 5 What is the probability that someone with some college or more makes $75,000 or more? Answer: Household Income ($1000s) Education Level $0 - 24.9 $25 - 49.9 $50 - 74.9 $75 - 99.9 $100+ Total Not H.S. Graduate 4,207 3,459 1,389 539 367 9,961 H.S. Graduate 4,917 6,850 5,027 2,637 2,668 22,099 Some College 2,807 5,258 4,678 3,250 4,074 20,067 Bachelor's Degree 885 2,094 2,848 2,581 5,379 13,787 Beyond Bach. Degree 290 829 1,274 1,241 4,188 7,822 Total 13,106 18,490 15,216 10,248 16,676 73,736
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.
I need help with developing the excel formula to calculate the
In this tab, you must answer the five questions below the table of data. To do so, you will have to write formulas which calculate probabilities. To write these formulas, remember the following formula for classical probability:
?(?) = ?/ ? = ?????? ?? ???? ????? ? ?????? / ????? ?????? ?? ???????? ???????? ?? ?ℎ? ?????? ?????
Each of the questions involves a different “X”, and some of them involve different “T”s. Think through each question carefully to make sure you identify these values correctly.
| Question 5 | What is the probability that someone with some college or more makes $75,000 or more? |
| Answer: |
| Household Income ($1000s) | ||||||
| Education Level | $0 - 24.9 | $25 - 49.9 | $50 - 74.9 | $75 - 99.9 | $100+ | Total |
| Not H.S. Graduate | 4,207 | 3,459 | 1,389 | 539 | 367 | 9,961 |
| H.S. Graduate | 4,917 | 6,850 | 5,027 | 2,637 | 2,668 | 22,099 |
| Some College | 2,807 | 5,258 | 4,678 | 3,250 | 4,074 | 20,067 |
| Bachelor's Degree | 885 | 2,094 | 2,848 | 2,581 | 5,379 | 13,787 |
| Beyond Bach. Degree | 290 | 829 | 1,274 | 1,241 | 4,188 | 7,822 |
| Total | 13,106 | 18,490 | 15,216 | 10,248 | 16,676 | 73,736 |
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