The Jones bought a new house for $149700. Because of economic growth in the area, the value of their house increased at an average rate of 8% per annum for 5 years. To model this growth, use an exponential function of the form y = a·b^x The value of their house after the 5 years, to the nearest dollar, was options: A) $209 580 B) $161 676 C) $198 754 D) $219 958
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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