Automobile repair costs continue to rise with the average cost now at $367 per repair (US News & World Report, website, Jan. 5, 2015). Assume that the cost for an automobile is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs and show your work.d. If the cost for your car repair is the lower 5% of automobile repair charges, what is your cost?
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.
Automobile repair costs continue to rise with the average cost now at $367 per repair (US News & World Report, website, Jan. 5, 2015). Assume that the cost for an automobile is
d. If the cost for your car repair is the lower 5% of automobile repair charges, what is your
cost?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images