Question
In: Statistics and Probability
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large...
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 2626 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $87208720 with a standard deviation of $17551755. Complete parts a and b below.
b) Find a 90% confidence interval for the mean loss in value per home.
($nothing , $nothing)
Solutions
Expert Solution
Given that,
= $8720
s =$1755
n = 26
Degrees of freedom = df = n - 1 =26 - 1 = 25
At 90% confidence level the t is ,
= 1 - 90% = 1 - 0.90 = 0.1
/ 2 = 0.1 / 2 = 0.05
t
/2,df = t0.05,25 = 1.706 ( using student t
table)
Margin of error = E = t/2,df
* (s /
= 1.706* ( 1755/
The 90% confidence interval estimate of the population mean is,
- E < 
<
+ E
8720 -587.1776 <
<8720 + 587.1776
8132.8224 <
< 9307.1776
( 8132.8224 , 9307.1776)
orchestra answered 1 year agoRelated Solutions
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