Students at Dover Community College have a mean credit card debt of $1,600 with a median of $1,300. Students at Ralton Community College have a mean credit card debt of $4,200 with a median of $2,800. Which of the following statements are true based on this information? There may be more than one correct answer. i. About three-fourths of Ralton students have debt less than $4,200. ii. The total debt of Ralton students is more than the total debt of Dover students. iii. About one-fourth of Dover students have debt more than $1,600. iv. Less than half of Ralton students have debt more than $4,200. v. The largest debt of the Dover students is less than the largest debt of the Ralton students.
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.
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i.
About three-fourths of Ralton students have debt less than $4,200. |
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ii.
The total debt of Ralton students is more than the total debt of Dover students. |
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iii.
About one-fourth of Dover students have debt more than $1,600. |
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iv.
Less than half of Ralton students have debt more than $4,200. |
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v.
The largest debt of the Dover students is less than the largest debt of the Ralton students. |
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