Millionaires. Dr. Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, µ, of all U.S. millionaires.Suppose that 36 randomly selected U.S. millionaires are the following ages, in years. 31 45 79 64 48 38 39 68 52 59 68 79 42 79 53 74 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48 Determine a 95% confidence interval for the mean age, µ, of all U.S. millionaires. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (Note: The mean of the data is 58.53 years.)
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.
Millionaires. Dr. Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, µ, of all U.S. millionaires.Suppose that 36 randomly selected U.S. millionaires are the following ages, in years.
| 31 | 45 | 79 | 64 | 48 | 38 | 39 | 68 | 52 |
| 59 | 68 | 79 | 42 | 79 | 53 | 74 | 66 | 66 |
| 71 | 61 | 52 | 47 | 39 | 54 | 67 | 55 | 71 |
| 77 | 64 | 60 | 75 | 42 | 69 | 48 | 57 | 48 |
Determine a 95% confidence interval for the mean age, µ, of all U.S. millionaires. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (Note: The mean of the data is 58.53 years.)
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