Students at Dover Community College have a mean credit card debt of $4,700 with a median of $2,900. Students at Ralton Community College have a mean credit card debt of $2,100 with a median of $1,900. Which of the following statements are true based on this information? There may be more than one correct answer. i. No more than half of Ralton students have debt more than $1,900. ii. The total debt of Ralton students is more than the total debt of Dover students. iii. The largest debt of the Ralton students is less than the largest debt of the Dover students. iv. About one-fourth of Ralton students have debt more than $2,100. v. Less than half of Dover students have debt more than $4,700.
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.
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i.
No more than half of Ralton students have debt more than $1,900. |
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ii.
The total debt of Ralton students is more than the total debt of Dover students. |
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iii.
The largest debt of the Ralton students is less than the largest debt of the Dover students. |
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iv.
About one-fourth of Ralton students have debt more than $2,100. |
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v.
Less than half of Dover students have debt more than $4,700. |
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