The average price of a college math textbook is $168 and the standard deviation is $20. Suppose that 15 textbooks are randomly chosen. Round all answers to 4 decimal places where possible. For the group of 15, find the probability that the average price is between $163 and $171. Find the 95th percentile for the average textbook price for this sample size. $ (round to the nearest cent) Find the 95th percentile for an individual textbook price. (round to the nearest cent) $
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.
The average price of a college math textbook is $168 and the standard deviation is $20. Suppose that 15 textbooks are randomly chosen. Round all answers to 4 decimal places where possible.
- For the group of 15, find the
probability that the average price is between $163 and $171. - Find the 95th percentile for the average textbook price for this
sample size . $ (round to the nearest cent) - Find the 95th percentile for an individual textbook price. (round to the nearest cent) $
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
