Recently, a random sample of 25–34 year olds was asked, "How much do you currently have in savings, not including retirement savings?" The data in the table represent the responses to the survey. Approximate the mean and standard deviation amount of savings. Savings Frequency $0–$199 340 $200–$399 98 $400–$599 50 $600–$799 17 $800–$999 13 $1000–$1199 8 $1200–$1399 1 The sample mean amount of savings is $
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.
Recently, a random sample of 25–34 year olds was asked, "How much do you currently have in savings, not including retirement savings?" The data in the table represent the responses to the survey. Approximate the mean and standard deviation amount of savings.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
