Solution Found!
z Scores. In Exercises, express allz scores with two
Chapter 3, Problem 5BSC(choose chapter or problem)
Problem 5BSC
z Scores. In Exercises, express allz scores with two decimal places.
Obama’s Net Worth As of this writing, Barack Obama is President of the United States and he has a net worth of $3,670,505. The 17 members of the Executive Branch have a mean net worth of $4,939,455 with a standard deviation of $7,775,948 (based on data from opensecrets.org).
a. What is the difference between President Obama’s net worth and the mean net worth of all members of the Executive Branch?
b. How many standard deviations is that (the difference found in part (a))?
c. Convert President Obama’s net worth to a z score.
d. If we consider “usual” amounts of net worth to be those that convert to z scores between −2 and 2, is President Obama’s net worth usual or unusual?
Questions & Answers
QUESTION:
Problem 5BSC
z Scores. In Exercises, express allz scores with two decimal places.
Obama’s Net Worth As of this writing, Barack Obama is President of the United States and he has a net worth of $3,670,505. The 17 members of the Executive Branch have a mean net worth of $4,939,455 with a standard deviation of $7,775,948 (based on data from opensecrets.org).
a. What is the difference between President Obama’s net worth and the mean net worth of all members of the Executive Branch?
b. How many standard deviations is that (the difference found in part (a))?
c. Convert President Obama’s net worth to a z score.
d. If we consider “usual” amounts of net worth to be those that convert to z scores between −2 and 2, is President Obama’s net worth usual or unusual?
ANSWER:
Solution 5BSC
(a)
The difference between the given President’s net worth and the mean net worth of allis
Therefore, the President’s net worth is $1,268,950 below the mean net worth.
(b)
We know that, score for a data value
