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 1 year 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
Jurgen is taking ISOM2002 in the current semester and he
suspects that there are not too...
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
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?
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 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...
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...
This year, Barney and Betty sold their home (sales price $570,000; cost $156,000). All closing costs...
This year, Barney and Betty sold their home (sales price
$570,000; cost $156,000). All closing costs were paid by the buyer.
Barney and Betty owned and lived in their home for 18 months.
Assuming no unusual or hardship circumstances apply, how much of
the gain is included in gross income?
Multiple Choice
None of the choices are correct.
$208,000.
$34,000.
Incorrect
$190,000.
$414,000.
For the 22 houses sold in Macomb, the average selling price was 185,000$ 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
ADVERTISEMENT
Latest Questions
- Let iqsort(A, 1, n) be an algorithm that sorts an array A with n integers. It...
- Write a program to print the number of class assignments you have done so far, the...
- This is in C# on visual Basic Write a base class that has two property members:...
- Greta, an elderly investor, has a degree of risk aversion of A = 3 when applied...
- Should certain categories of drugs be decriminalized? What might the impact be – in the short-...
- How does your initiative support student learning in the classroom? Cost/Factors for implementation the bottom you...
- Build your own computer from the ground up. You must define each part that you want...
ADVERTISEMENT