Front

What is the probability of a group of 50 results in an average withdrawal between $70 and $75?

Back

21.9%

Front

What is the answer for part c of question #11?

Back

c) .52024

Front

What is the correct answer for part c of question #10?

Back

c) .9749

Front

What shape would the distribution of ATM withdrawals be?

Back

Right Skewed

Front

Define probability in the context of statistics.

Back

Probability is a measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Front

What does a right-skewed distribution indicate about data?

Back

A right-skewed distribution indicates that the majority of the data points are concentrated on the left side, with a long tail extending to the right.

Front

What is the significance of a p-value in hypothesis testing?

Back

A p-value indicates the probability of obtaining test results at least as extreme as the observed results, under the assumption that the null hypothesis is true.

Front

Explain the Central Limit Theorem.

Back

The Central Limit Theorem states that the distribution of the sample means approaches a normal distribution as the sample size increases, regardless of the shape of the population distribution.

Front

What is the formula for calculating the mean of a dataset?

Back

Mean = (Sum of all data points) / (Number of data points).

Front

Define standard deviation and its importance in statistics.

Back

Standard deviation measures the amount of variation or dispersion in a set of values, indicating how spread out the data points are from the mean.