Question

Johns rent is $1,355. what is his standardized z-score

Answer 1

His standardized z-score is
`Z = (1355 - \mu)/(\sigma)`, in which
`\mu` is the mean price of rents and
`\sigma` is the standard deviation for price of rents.

Explanation:

Z-score:

In a set with mean
`\mu` and standard deviation
`\sigma`, the z-score of a measure X is given by:

`Z = (X - \mu)/(\sigma)`

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.

Johns rent is $1,355.

This means that
`X = 1355`

What is his standardized z-score

`Z = (X - \mu)/(\sigma)`

`Z = (1355 - \mu)/(\sigma)`

His standardized z-score is
`Z = (1355 - \mu)/(\sigma)`, in which
`\mu` is the mean price of rents and
`\sigma` is the standard deviation for price of rents.