Question

In: Statistics and Probability

A report announced that the median sales price of new houses sold one year was ​$221,000​,...

A report announced that the median sales price of new houses sold one year was ​$221,000​, and the mean sales price was ​$270,400. Assume that the standard deviation of the prices is ​$100,000.

(d) If you select a random sample of n=100​, what is the probability that the sample mean will be between ​$275,000 and ​$285,000​?

The probability that the sample mean will be be between ​$275,000 and ​$285,000 is

Solutions

Expert Solution

µ = 270400

sd = 100000

n = 100

                                                        

                                                         = P(0.46 < Z < 1.46)

                                                         = P(Z < 1.46) - P(Z < 0.46)

                                                         = 0.9279 - 0.6772

                                                         = 0.2507

orchestra answered 2 years ago
Next > < Previous

Related Solutions

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?
A report announced that the mean sales price of all new houses sold one year was...
A report announced that the mean sales price of all new houses sold one year was $272,000. Assume that the population standard deviation of the prices is $100,000. If you select a random sample of 100 new houses, what is the probability that the sample mean sales price will be between $250,000 and $285,000? a. 0.2956 b. 0.8893 c. 0.1388 d. 0.8034
A report announced that the mean sales price of all new houses sold one year was...
A report announced that the mean sales price of all new houses sold one year was $272,000. Assume that the population standard deviation of the prices is $100,000. If you select a random sample of 100 new houses, what is the probability that the sample mean sales price will be between $250,000 and $285,000? Select one: a. 0.8034 b. 0.1388 c. 0.2956 d. 0.8893
A report announced that the mean sales price of all new houses sold one year was...
A report announced that the mean sales price of all new houses sold one year was $272,000. Assume that the population standard deviation of the prices is $100,000. If you select a random sample of 100 new houses, what is the probability that the sample mean sales price will be between $250,000 and $285,000? Select one: a. 0.1388 b. 0.8034 c. 0.2956 d. 0.8893 Jurgen is taking ISOM2002 in the current semester and he suspects that there are not too...
The U.S. Census Bureau announced that the mean sales price of new houses sold in 2016...
The U.S. Census Bureau announced that the mean sales price of new houses sold in 2016 was $370,800. Suppose the sales price follows a normal distribution with a standard deviation of $90,000. a. (5 points) If you select samples of n = 4, what is the standard error of the mean? b. (5 points) If you select samples of n = 100, what is the standard error of the mean? c. (5 points) If you select a random sample of...
The U.S. Census Bureau announced that the median sales price of new house sold in December...
The U.S. Census Bureau announced that the median sales price of new house sold in December of 2018 $322,800, and the mean sales price was $376,000 (https://www.census.gov/construction /nrs/pdf/uspricemon.pdf). Assume that the standard deviation of the prices is $90,000. a. If you select a random sample of n = 100, what is the probability that the sample mean will be less than $300,000? b. If you select a random sample of n = 100, what is the probability that the sample...
The U.S. Census Bureau announced that the mean sale price of new houses sold in 2011...
The U.S. Census Bureau announced that the mean sale price of new houses sold in 2011 was $267,900. Assume that the standard deviation of the prices is $90,000. (a) If you select a random sample of n = 100, what is the probability that the sample mean will be less than $300,000? (b) If you select a random sample of n = 100, what is the probability that the sample mean will be between $275,000 and $290,000? (c) Between what...
US Census Bureau tracks the median price for new home sales by month of year. The...
US Census Bureau tracks the median price for new home sales by month of year. The mediane price for April for the years 2001 to 2011 follow. Years Years Price ($1000) 2001 175.2 2002 187.1 2003 189.5 2004 222.3 2005 236.3 2006 257.0 2007 242.5 2008 246.4 2009 219.2 2010 208.3 2011 224.7 a.         Compute a 2-week moving average for the above time series. b.         Compute the mean square error (MSE) and mean Absolute deviation (MAD) for the      2-...
For the 22 houses sold in Macomb, the average selling price was 185,000$ with standard deviation...
For the 22 houses sold in Macomb, the average selling price was 185,000$ with standard deviation of 45,000$. For the 53 houses sold in Peoria, the average selling price was 200,000$ with standard deviation of 35,000$. At a α = 0.10 level of significance, is there evidence that the mean house selling price in Macomb is less than Peoria? (a) Hypothesis: H0 : Ha : (b) Test Statistics= (c) Pvalue= (d) The degrees of freedom, d.f= (e) The pooled standard...
The following data give the selling price and square footage of houses that have sold in...
The following data give the selling price and square footage of houses that have sold in Bend, OR in the past 6 months. Selling Price ($) Square Footage 84,000 1,670 79,000 1,339 91,500 1,712 120,000 1,840 127,500 2,300 132,500 2,234 145,000 2,311 164,000 2,377 155,000 2,736 168,000 2,500 172,500 2,500 174,000 2,479 175,000 2,400 177,500 3,124 184,000 2,500 195,500 4,062 195,000 2,854 Graph the data to see whether a linear equation might describe the relationship between selling price and the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT