Dan purchased a home for 460,000. 5 years later he sold it for 765,000. What percentage did the home increase in value compared
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Using z-scores, it is found that the value of z is z = 1.96.
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Normal Probability Distribution
Problems of normal distributions can be solved using the z-score formula, which for a measure X, in a distribution with mean and standard deviation
, is given by:
- It measures how many standard deviations the measure is from the mean.
- Each z-score has an associated p-value, which is the percentile.
- The normal distribution is symmetric, which means that the middle 95% is between the <u>2.5th percentile and the 97.5th percentile</u>.
- The 2.5th percentile is Z with a p-value of 0.025, thus Z = -1.96.
- The 97.5th percentile is Z with a p-value of 0.975, thus Z = 1.96.
- Thus, the value of Z is 1.96.
A similar problem is given at brainly.com/question/16965597