The Median Wealth (Net Worth) of U

question 23

Multiple Choice

The median wealth (net worth) of U.S. seniors in 2005 was about:

• A) $2,000.
• B) $20,000.
• C) $200,000.
• D) $2,000,000.

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Definitions:

Exponentially Distributed

characterizes a continuous probability distribution often used to model time between events in a Poisson process.

Random Variable

A random variable represents a quantity whose values are the numerical results of a random event.

Exponential Distribution

A statistical distribution that characterizes the interval between occurrences in a scenario where events happen constantly and independently, maintaining a uniform average frequency.

Exponential Distribution

A probability distribution used to model the time between events in a process in which events occur continuously and independently at a constant average rate.