High-rent district: The mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is...

High-rent district: The mean monthly rent for a one-bedroom apartment without a doorman in Manhattan is $2634.
Assume the standard deviation is $501. A real estate firm samples $106 apartments. Use the TI-84 Plus calculator.

Part 1 of 5
(a) What is the probability that the sample mean rent is greater than $2704? Round the answer to at least four decimal places.
The probability that the sample mean rent is greater than $2704 is?

Part 2 of 5
(b) What is the probability that the sample mean rent is between $2503 and $2603? Round the answer to at least four decimal places.
The probability that the sample mean rent is between $2503 and $2603 is?

Part 3 of 5
(c) Find the 85th percentile of the sample mean. Round the answer to at least two decimal places.
The 85th percentile of the sample mean rent is?

Part 4 of 5
(d) Would it be unusual if the sample mean were greater than $2710? Round answer to at least four decimal places.
(yes/no), because the probability that the sample mean is greater than $2710 is?

Part 5 of 5
(e) Do you think it would be unusual for an individual to have a rent greater than %2710? Explain. Assume the
variable is normally distributed. Round the answer to at least four decimal places.
(yes/no), because the probability that an apartment has a rent greater than $2710 is?

Expert Solution

orchestra answered 1 year ago

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