The Midland National Bank selected a sample of 40 student chequing accounts. Below are their end of the month balances. 404 74 234 149 279 215 123 55 43 321 87 234 68 489 57 185 141 758 72 863 703 125 350 440 37 252 27 521 302 127 968 712 503 489 327 608 358 425 303 203 a. Develop a box plot of the data values in the data set. b. Is the data distribution skewed or symmetrical? c. How many outliers are present in the data?
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 Midland National Bank selected a sample of 40 student chequing accounts. Below are their end of the
month balances.
404 74 234 149 279 215 123 55 43 321 87 234
68 489 57 185 141 758 72 863 703 125 350 440
37 252 27 521 302 127 968 712 503 489 327 608
358 425 303 203
a. Develop a box plot of the data values in the data set.
b. Is the data distribution skewed or symmetrical?
c. How many outliers are present in the data?
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