SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question....
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
A study of 800 homeowners in a certain area showed that the
average value of the homes is
$182,000 and the standard deviation is $15,000. If 50 homes are for
sale, find the probability
that the mean value of these homes is less than $185,000. Remember:
check to see if the
finite correction factor applies.
I am placing this question again because the same question has two different answers. Thank for your help.
Homework Answers
Mean = 182000
SD = 15000
n = 50
z = (185000 - 182000)/15000/sqrt(50)
z = 1.41
So,
P(z < 1.41) = 0.921
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