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In: Statistics and Probability

A report announced that the median sales price of new houses sold one year was ​$231,000​,...

A report announced that the median sales price of new houses sold one year was ​$231,000​, and the mean sales price was ​$274,200. Assume that the standard deviation of the prices is ​$90,000. Complete parts​ (a) through​ (d) below. f you select a random sample of n=100​, what is the probability that the sample mean will be between ​$275,000 and ​$295,000​? The probability that the sample mean will be be between ​$275, 000 and ​$295,000 is what?

Solutions

Expert Solution

µ = 274200

sd = 90000

n = 100

                                                       

                                                        = P(0.09 < Z < 2.31)

                                                        = P(Z < 2.31) - P(Z < 0.09)

                                                        = 0.9896 - 0.5359

                                                        = 0.4537

orchestra answered 2 years ago
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