During the 2019 Baseball season, the Pittsburgh Pirates the 25 players had an average (mean) salary of $2.7 million. One of the starting players was placed on injured reserve and a new player was added to the team to replace him.The injured player continued to receive his salary, so now the team was paying for 26 players. After adding the new player the average plater salary fell to $2.6 million.What was the new player paid for the season? Please include your calculations
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.
During the 2019 Baseball season, the Pittsburgh Pirates the 25 players had an average (mean) salary of $2.7 million. One of the starting players was placed on injured reserve and a new player was added to the team to replace him.The injured player continued to receive his salary, so now the team was paying for 26 players. After adding the new player the average plater salary fell to $2.6 million.What was the new player paid for the season? Please include your calculations
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