5. A federal auditor for nationally chartered banks from a random sample of 100 accounts found that the average demand deposit balance at the First National Bank of small town was $549.82. If the auditor needed a point estimate for the population mean for all accounts at this bank, what would she use? a. The average of $54.98 for this sample. b. The average of $549.82 for this sample. c. There is no acceptable value available. d. She would survey the total of all accounts and determine the mean. e. Not enough information is given to answer this question.
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.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
