. If the average price of a new home is $200,000, find the maximum and minimum
prices of the houses that a contractor should build to include the middle 60% of the
market. Assume the standard deviation of prices is $2,000 and the variable is
normally distributed.
the z-values associated with the middle 60% of a normally-
distributed population.
From standard normal distribution table
At middle 60% means 30% value less than mean and 30% more than mean.thus, p=0.3 , z = +/- 0.84
Z= X - μ / σ
Now convert these z-scores to raw scores using x = z* σ + μ
x = 0.84 * 2000 + 200000 = $ 201680 ( max price )
x = -0.84 * 2000 + 200000 = $198320 (min price )
. If the average price of a new home is $200,000, find the maximum and minimum...
Question 3 of 3 (2 points) 6.2 Section Exercise 20 If the average price of a new one family home is $246.300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 40% of the market. Assume that the variable is normally distributed. Round-value calculations to 2 decimal places and final answers to the nearest dollar. Source: New York Times Almanac. Minimum price : S Maximum...
alekscgi/x/sl.exe/10_u-IgNsikr7j8P3JH-IBxu5JdZ3xPuEkyCddiBj_BgYfWoGt3qg81rYOB10kKJv4 Elementary Statistics: A Step-By-Step Approach, 10th Ed. |MATH 6.2 Application of the Normal Distribution nect" Hosted by ALEKS Corp. Previous 1 2 4 5 6 7 8 9 10 Next Question 8 of 11 (1 point) 6.2 Section Exercise 20 If the average price of a new one-family home is $246,300 with a standard deviation of $15,000, find the minimum and maximum prices of the houses that a contractor will build to satisfy the middle 80% of the market....
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