Question
In: Statistics and Probability
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
Solutions
Expert Solution
Solution :
Given that,
mean = 
= 272000
standard deviation = 
= 100000
n = 100
= 272000
=
/ 
n = 100000 /
100 = 10000
P( 250000 < 
< 285000 )
= P[( 250000 - 272000 ) / 10000 < (
-
)
/
< ( 285000 - 272000) / 10000)]
= P( -2.2 < Z < 1.3 )
= P(Z < 1.3 ) - P(Z < -2.2 )
Using z table,
= 0.9032 - 0.0139
= 0.8893
Probability = 0.8893
Corrcet option : - ( b )
orchestra answered 2 years agoRelated Solutions
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
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