According to the 2019 National Apartment List Rent Report, the average two-bedroom apartment rent in New...

According to the 2019 National Apartment List Rent Report, the average two-bedroom apartment rent in New Jersey is $1,531. A random sample of 39 apartments in New Jersey was selected. Using a population standard deviation of $227, what is the probability that the sample mean will be greater than $1,450

Solutions

Expert Solution

Solution :

Given that ,

mean = = 1531

standard deviation = = 227

= / n = 227 / 39 = 36.3491

P( > 1450) = 1 - P( < 1450)

= 1 - P[( - ) / < (1450 - 1531) / 36.3491]

= 1 - P(z < -2.23)

= 1 - 0.0129

= 0.9871

Probability = 0.9871

orchestra answered 1 year ago

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