TT Number Approved Frequency D The manager of the commercial mortgage department of a large bank has collected data during the past two years concerning the number of commercial mortgages approved per week. The results from these two years (104 weeks) are shown to the right. 13 24 34 1 a. Compute the expected number of mortgages approved per week. b. Compute the standard deviation. c. What is the probability that there will be more than one commercial mortgage approved in a given week? 16 8. 7. 4 6 7 1 1 a. The expected number of mortgages approved per week is 2.115. (Round to three decimal places as needed.) b. The standard deviation is 15.053 (Round three decimal places as needed.)
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.
What is the standard deviation?
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