Suppose that prices of a certain model of new homes are normally distributed with a mean of $150,000. Find the percentage of buyers who paid less than $153,264 if the standard deviation is $1600. Answer in decimal form.
Solution :
Given that ,
mean =
= $150000
standard deviation =
= $1600
P(X<153264 ) = P[(X-
) /
< (153264 -150000) / 1600]
= P(z <2.04 )
Using z table
=0.9793
answer=97.93%
Suppose that prices of a certain model of new homes are normally distributed with a mean...
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