mean $1.6 million and standard deviation of 100 major league players was taken. Fine that the average salary of the 100 players t Round your answer to nearest ten-thousandth
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.
Let the random variable X denote the salary of a sports.
Here X has mean 1.6 and standard deviation 0.81.
That is, X~ N(=1.6,= 0.81)
Let n denote the number of major league players was taken.
Here, n = 100
The objective is to approximate the probability that the average salary of the 100 players that year exceeded $1.7 million.
That is, P( > 1.7)
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