Elementary Statistics (12th Edition)

Published by Pearson
ISBN 10: 0321836960
ISBN 13: 978-0-32183-696-0

Chapter 3 - Statistics for Describing, Exploring, and Comparing Data - 3-4 Measures of Relative Standing and Boxplots - Basic Skills and Concepts: 5

Answer

a)$−1,268,950. b)-0.16. c)-0.16 d)Usual.

Work Step by Step

a) Difference between Obama's net worth and the mean of the Executive Branch's members' average net worth: $\$3,670,505-\$ 4,939,455=\$-1,268,950.$ b)$z=\frac{x-\mu}{\sigma}=\frac{\$3,670,505-\$ 4,939,455}{\$7,775,948}=-0.16.$ Hence Obama's net worth is 0.16 standard deviations from the mean of the Executive Branch's members' average net worth. c)$z=\frac{x-\mu}{\sigma}=\frac{\$3,670,505-\$ 4,939,455}{\$7,775,948}=-0.16.$ d) Obama's z-score is between -2 and 2, hence it is usual.
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