In a sampling distribution of 10 of the family's real estate holdings, $238,281.57 separates the lowest 80% of the amount invested from the highest 20%.
The term "standard deviation" refers to a measurement of a data set's divergence from the mean (or ""). A low standard deviation means that the data are grouped around the mean, whereas a large standard deviation says that the data are more spread out.
It shows the usual divergence from the mean of each score. When it comes to normal distributions, a high standard deviation suggests that values are frequently outside the mean, whereas a low standard deviation shows that values are closely packed around the mean.
The standard deviation is above the mean without any problems. Use the Standard Normal distribution's 0 mean and 1 standard deviation.
=225,000 +(0.84 x 15811.39)
= 225,000 + 13281.5676
=238281.5676
The complete question is,
A financial advisor is analyzing a family's estate plan. The amount of money that the family has invested in different real estate properties is normally distributed with a mean of $225,000 and a standard deviation of $50,000. Use a calculator to find how much money separates the lowest 80% of the amount invested from the highest 20% in a sampling distribution of 10 of the family's real estate holdings.
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