From 2000 to 2007 the mean household income in the U.S. rose by an average of approximately $1,500 per year. Given that the median household income in 2000 was approximately $42,000, use an indefinite integral to find a formula for the mean household income as a function of the year t, where t represents the year since 2000. Use your formula to estimate the mean household income in 2006.
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.
From 2000 to 2007 the mean household income in the U.S. rose by an average of approximately $1,500 per year. Given that the median household income in 2000 was approximately $42,000, use an indefinite
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