You are ready to put your house on the market since you have just accepted a new job in another state. Looking to sell the house quickly, you are investigating various realtors in the local area. On their website, HOME Realty displays the following frequency distribution summarizing the selling time (in days) of the last 18 detached, residential houses they sold. Selling time (in days) Frequency 0 to 10 5 11 to 21 4 22 to 32 6. 33 to 43 44 to 54 1 Based on the frequency distribution, using the midpoint of each data class, estimate the mean selling time of the houses. For your intermediate computations, use four or more decimal places, and round your answer to one decimal place. || days
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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