In: Statistics and Probability
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?